The automotive security software corporation Autocrypt, which is pushing for a KOSDAQ listing, has set the public offering price at 22,000 won.
Autocrypt announced on the 1st that it finalized the public offering price at the upper end of the desired range (band) of 22,000 won after conducting demand forecasting for institutional investors for five days from the 24th to the 30th of last month. The public offering amount is 30.8 billion won, and the market capitalization after listing is expected to reach 210.5 billion won.
A total of 2,403 domestic and international institutional investors participated in this demand forecasting, recording a competition rate of 995.34 to 1. Among all participating institutions, 98.83% offered prices above 22,000 won, with about 5.16% of institutions proposing prices that exceeded the upper limit of the band.
Autocrypt is a corporation that supplies security solutions for vehicles to original equipment manufacturers (OEMs) and parts manufacturers. It is considered a key supplier of vehicle cybersecurity solutions that will be mandatory for approximately 1.6 billion vehicles worldwide. Its core business involves technology that protects internal vehicle systems and software, known as In-Vehicle Security (IVS). This solution safeguards communication between electronic control units (ECUs) in vehicles and protects onboard software.
The funds being raised will be used for ▲expanding the global pipeline ▲acquiring new Technical Service (TS) certification qualifications. Kim Deok-soo, president of Autocrypt, noted, "We will continue research and development in order to proactively respond to regulations on vehicle software components and security."
Autocrypt is set to go public on the KOSDAQ on the 15th after conducting a public subscription for individual investors from the 3rd to the 4th. The underwriter for the listing is DAISHIN SECURITIES.