Data analysis specialized company Newen AI, which is challenging to list on the KOSDAQ market, has set its public offering price at 15,000 won.
Newen AI conducted a demand forecast for domestic and foreign institutional investors from 12th to 18th over five trading days, announcing that it has set the public offering price to the upper limit of its desired public offering price range at 15,000 won.
Previously, Newen AI suggested a public offering price band of 13,000 won to 15,000 won, and a total of 2,397 institutional entities participated in the demand forecast, with 98.1% of all participating institutions bidding above the upper limit of the band at 15,000 won.
The competition rate was recorded at 995.61 to 1. A total of over 1,657,000 shares were solicited from institutional investors, with more than 1.6 billion shares applied for. Additionally, 17.2% of the total order quantity had protection clauses set.
According to NH Investment & Securities, the listing underwriter, "many institutional investors positively evaluated the scalability of the corporate cloud subscription analysis service."
Newen AI, established in 2004, is an artificial intelligence (AI) based big data analysis service corporation. Leveraging its customized AI analysis platform, it generated nearly 20 billion won in sales last year.
In particular, by utilizing real-time data for marketing activities and trend analysis, it has secured clients such as Samsung Electronics, Hyundai Motor, L'Oréal, and Nongshim.
Through this listing, Newen AI will issue 2.2 million new shares. Based on the confirmed public offering price, the total public offering amount is estimated at 33.3 billion won, and the market capitalization after listing is projected to be around 133.2 billion won.
The company plans to use the public offering funds for new product development and overseas market marketing, and it will go through general investor subscriptions from 23rd to 24th, with the listing on the KOSDAQ market expected early next month.