On the first day of its listing on the Korea Securities Dealers Automated Quotations (KOSDAQ) market on the 21st, Simplatform, an industrial AIoT corporation, saw its stock price rise.
As of 9:09 a.m. on that day, Simplatform was trading at 23,800 won, up 8,800 won (58.67%) from its offering price of 15,000 won.
Simplatform is a company that collects and manages various data generated in industrial sites by merging artificial intelligence (AI) and Internet of Things technology (IoT). It develops a new type of intelligent product called an industrial AIoT platform for effective and efficient implementation of industrial AIoT.
AIoT is a combination of artificial intelligence (AI) and Internet of Things (IoT), referring to intelligent IoT technologies and services.
During the demand forecasting for institutional investors conducted from the 27th of last month to the 6th of this month before its listing, Simplatform recorded a competition rate of 1,213.84 to 1. A total of 2,135 domestic and foreign institutions participated. The offering price was confirmed at 15,000 won, the upper limit of the desired range (13,000 won to 15,000 won).
In the public offering subscription for general investors held over two days on the 11th and 12th of this month, the competition rate was 913.05 to 1. Subscription deposits totaled 1.6 trillion won.
Simplatform noted that it plans to use the funds secured through this public offering to expand its research and development (R&D) budget and hire new staff. Furthermore, it intends to improve its financial health through debt repayment and invest in corporations with business synergy.
Meanwhile, in the first three quarters of last year, Simplatform's operating revenue was 845.9 million won, and its net loss was 4.04643 billion won.