Big data analysis artificial intelligence (AI) corporation S2W is postponing its KOSDAQ market listing.
According to the financial investment industry on the 7th, S2W submitted a listing withdrawal report to the Financial Supervisory Service the previous day and decided to proceed with the listing process at a later date.
In particular, S2W recorded strong demand in the institutional investor demand forecast held from the 30th of last month to the 5th, resulting in setting the public offering price at the upper end of the desired range.
Specifically, 2,463 domestic and foreign institutions participated, applying for approximately 1.4 billion shares. Based on quantity, 99.98% applied at or above the upper end of the desired public offering price range (11,400 won to 13,200 won). The competition ratio was recorded at 1,225.17.
The omission of electronic securities conversion led to the suspension of the listing procedure. According to the Electronic Securities Act, securities of listed companies must be issued and circulated only in electronic registration format.
Additionally, it was required to complete electronic securities registration by 30 days prior to the scheduled listing date; however, it has been identified that S2W was unable to finish this within the deadline.
Given the favorable interest from the market, S2W plans to make another attempt. It intends to complete the conversion process within approximately one month and resubmit the securities report.
The company stated, "Demand forecasting and subscriptions are expected to proceed about a month later than originally planned, and detailed information and schedules will be disclosed immediately as they are finalized."