Seoul Robotics, a company specializing in autonomous driving software, has embarked on a challenge to list on the KOSDAQ market.
On the 4th, the Korea Exchange's KOSDAQ market division announced that Seoul Robotics submitted an application for preliminary listing review on the 31st of last month. The lead underwriter for the listing is Samsung Securities.
Seoul Robotics was established in 2017 by CEO Lee Han-bin, who majored in mechanical engineering at Pennsylvania State University, as a company specializing in autonomous driving software.
Instead of individual autonomous driving for finished vehicles on general roads, it has distinguished itself by emphasizing autonomous driving technology for industrial sites utilizing facilities, and was selected as a logistics partner for BMW within two years of its establishment in 2019.
Seoul Robotics reported a revenue of 4.2 billion won and an operating loss of 11.8 billion won last year. Due to not yet achieving a profitable turnaround, the company is following the procedures for technology-based listing.
Previously, it obtained A and BBB ratings from two specialized technical evaluation agencies designated by the Korea Exchange, fulfilling the requirements for technology-based listing.
The market estimates that after the listing, Seoul Robotics will have a market capitalization exceeding 500 billion won. It is reported that, in its pre-IPO funding round at the end of last year, the company was already recognized at a post-valuation exceeding 300 billion won.
Seoul Robotics plans to use the funds raised through the public offering for recruiting talent domestically and internationally, as well as for long-term research and development investments. The company also intends to accelerate the expansion of contracts with global automobile manufacturers and logistics companies.