StradVision, an autonomous driving vision software company, has set its initial public offering price at 12,000 won, the bottom of its proposed price band, the company said in a regulatory filing Wednesday.
StradVision conducted demand forecasting for domestic and overseas institutional investors from the 9th to the 15th of this month, drawing participation from a total of 1,604 firms and recording a competition ratio of 381.30 to 1. Among the institutions that took part in the demand forecasting, 66.8% (including those that did not specify a price) offered prices at or above the top of the proposed price band. In particular, all of the volume submitted by overseas institutions in this demand forecasting was offered at or above the top of the band, and approximately 26% of this offered prices exceeding the upper limit.
Even though more than two-thirds of institutions offered prices at or above the top of the band (on a volume basis), StradVision set the final offering price at 12,000 won, the bottom of the band, to lower entry barriers for retail investors and secure credibility. This level covers 99.4% of the volume that participated in the demand forecasting.
StradVision plans to conduct subscriptions for retail investors over two days, on the 18th and 19th of this month. The funds secured through this offering will be used for securing research and development personnel to advance next-generation advanced driver assistance systems (ADAS) and autonomous driving technologies, strengthening the sales network to expand its global client base, and upgrading its platform to secure vision AI technology competitiveness. KB Securities served as the lead underwriter for the listing.
"We were highly evaluated for simultaneously proving our technological prowess and business viability by carrying out various mass-production projects with global clients based on our vision artificial intelligence (AI) technology, as well as for our potential to expand into the physical AI industry going forward," StradVision CEO Kim Jun-hwan said.
