Nearthlab, a developer of autonomous flying drones based on physical artificial intelligence, said on the 13th that it drew 2.5 trillion won ($1.7 billion) in deposits from retail investors during its initial public offering subscription.
The retail subscription attracted orders for a total of 120,571,780 shares, for a subscription ratio of 530 to 1. The total number of subscription applications came to 114,564.
Nearthlab set its final offering price at 41,200 won, the top of its indicative range of 30,000 to 41,200 won, following an earlier demand forecast survey of institutional investors. Samsung Securities (016360.KS) served as the lead underwriter.
The company is set to list on the KOSDAQ on the 24th. It plans to use the proceeds to build in-house production capacity, expand its specialized workforce, and advance its core technologies and products.
Through these steps, Nearthlab aims to strengthen the production and quality-control capabilities needed to meet growing defense demand, and to establish a business foundation for expanding global supply of its KAiDEN and XAiDEN products.
"We will further expand the global commercialization of KAiDEN and XAiDEN and continue to deliver strong business results," said Nearthlab CEO Choi Jae-hyuk.
