Data analysis company Newen AI has successfully attracted interest from retail investors in its public offering.
On the 24th, Newen AI announced that it secured 6.114 trillion won in subscription deposits from retail investors during the two-day subscription period from the 23rd to this day.
A total of 815,202,200 shares were applied for the allocation of 555,000 shares to retail investors, resulting in a competition ratio of 1,468.83 to 1.
Newen AI also generated strong interest in its institutional investor demand forecasting held from the 12th to the 18th, confirming the offering price at the upper end of the desired range of 15,000 won.
Founded in 2004, Newen AI operates a customized artificial intelligence (AI) data analysis platform and has secured clients such as Samsung Electronics, Hyundai Motor, L'Oréal, and Nongshim.
Bae Seong-hwan, CEO of Newen AI, noted, "We were able to confirm the high interest and trust of investors in our technology and marketability" and added, "We will grow into a competitive corporation in the global market."
Meanwhile, Newen AI plans to be listed on the KOSDAQ market on July 4th after payment on the 26th. The listing underwriter is NH Investment & Securities.