Xenon said on the 23rd that it won preliminary approval from the Korea Exchange on the 21st for a listing on the KOSDAQ market. The approval came about two months after the company filed its preliminary review application in July. Samsung Securities is managing the offering, and Xenon is pursuing a KOSDAQ listing through a general listing process.
Founded in 2017, Xenon builds its business around Xenos, a proprietary enterprise AI transformation, or AX, platform, offering services that include drawing up corporate artificial intelligence strategies and developing and deploying AI systems. Drawing on project experience accumulated in the financial, public and power generation sectors, the company has recently diversified its customer base and application areas into manufacturing and pharmaceuticals. It is also moving faster to commercialize physical AI and consumer AI services. The company opened a dedicated physical AI research center this year and is working to bring the related technology to market. In the consumer services market, it launched Xena, an integrated AI agent portal, expanding its business into services for individual users.
Following the preliminary approval, Xenon will move through the remaining steps in sequence, including filing a securities registration statement, gauging institutional demand and conducting a public subscription. Proceeds from the listing will be concentrated on securing computing resources such as graphics processing units to expand AI infrastructure, and on advancing technologies including its own AI platform, AI agents and physical AI.
"With this preliminary approval, we will faithfully prepare for the remaining steps of the offering," said Ko Seok-tae, chief executive of Xenon.
