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

Zhitong Finance APP has learned that Simwon America, a manufacturer of structural components for electric vehicles, filed an IPO application with the US Securities and Exchange Commission (SEC) last Friday, seeking to raise up to $50 million. The company is a spin-off from South Korea's MS Autotech.

According to the offering terms, Simwon America plans to issue 2.5 million shares, 40% of which are secondary shares, with an offering price range of $18 to $22 per share. Based on the midpoint of the offering price range, the company’s fully diluted market capitalization would be approximately $295 million. After the offering, South Korea’s Simwon Tech—a wholly owned subsidiary of Myoung Shin Industry—will hold an 81% stake, thus making Simwon America a controlled company.

The company mainly produces white body structural components, including door ring assemblies, B-pillars, and side body structures. It is a Tier 1 supplier to Tesla, with Tesla accounting for almost all of its revenue; in fiscal year 2026, Model 3 Highland and Model Y together are projected to account for 98.5% of its income. The company operates three factories in Lathrop, California, adjacent to Tesla's Fremont assembly center, and its processes include hot stamping, cold stamping, laser cutting, and robotic welding.

Headquartered in Lathrop, California, the company was founded in 2016 and recorded revenue of $324 million in the twelve months ended June 30, 2026. Simwon America plans to list on Nasdaq under the ticker “SWA” after a confidential filing on April 1, 2026. WallachBeth Capital is serving as the sole bookrunner for this transaction.