Korea’s Contec prepares IPO, expansion into satellite production on promise of growing government geospatial demand

by Peter B. de Selding

KUALA LUMPUR, Malaysia — Satellite ground station service provider Contec of Korea reported a 70% increase in revenue for fiscal-year 2023 from the previous year, and is planning a November IPO on the Korea Exchange on the strength of a high volume of business expected from Korea’s military and civil space authorities.

Created in 2015 as a spinoff from the Korea Aerospace Research Institute (KARI), Contec has now grown to 110 people providing ground-station-as-a-service and satellite image processing. Company Chief Executive Sunghee Lee said 2023 revenue was $23 million, compared to . . .

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