iNavi SYSTEMS, a subsidiary of THINKWARE, known for operating the vehicle navigation system "iNavi," is challenging to be listed on the KOSDAQ market.
According to the Korea Exchange on the 28th, iNavi SYSTEMS submitted a preliminary listing application to the KOSDAQ market headquarters on the 23rd.
iNavi SYSTEMS started out in 1994 under the name Nara Geographic Information. The core technology is electronic map data for vehicle navigation, which is also used in THINKWARE's iNavi.
Recently, it has expanded its business area with high-precision mapping and route generation technology for autonomous driving. Last year, it recorded sales of 16.2 billion won and an operating loss of 2.3 billion won.
THINKWARE, a KOSDAQ-listed company, is the largest shareholder with a 74.93% equity stake, and concerns about shareholder value dilution due to the simultaneous listing of parent and subsidiary companies are being pointed out as a potential obstacle to the listing.
Meanwhile, the Korea Exchange announced that, in addition to iNavi SYSTEMS, JPI Healthcare, Hana No. 35 Special Purpose Acquisition Company, and Samsung No. 10 Special Purpose Acquisition Company also applied for preliminary listing.