Simwon America (SWA.US) applies for Nasdaq IPO to raise up to $50 million

The Zhitong Finance App learned that electric vehicle structural parts manufacturer Simwon America submitted an IPO application to the US Securities and Exchange Commission (SEC) on Friday to raise up to 50 million US dollars. The company was spun off from MS Autotech in Korea.

According to the terms of issue, Simwon America plans to issue 2.5 million shares, 40% of which are old shares for sale, and the issue price range is $18 to $22 per share. Based on the median issue price range, the company's market value after complete dilution is approximately US$295 million. After the launch, Korea's Simwon Tech — a wholly-owned subsidiary of Myoung Shin Industry — will hold 81% of the shares, making Simwon America a controlled company.

The company specializes in white body structural parts, including door ring assemblies, B-pillars and side structures. It is Tesla's first-class supplier, and Tesla contributed almost all of its revenue; in fiscal year 2026, Model 3 Highland and Model Y together accounted for 98.5% of its revenue. The company operates three plants in Lathrop, California, near Tesla's Fremont Assembly Center. Processes include hot stamping, cold stamping, laser cutting, and robotic welding.

The company, headquartered in Lathrop, California, was founded in 2016 and recorded revenue of $324 million for the 12 months ended June 30, 2026. The company plans to list on NASDAQ under the code “SWA” and secretly submit an application on April 1, 2026. WallachBeth Capital acted as sole bookkeeper for this transaction.