Big data analytics artificial intelligence (AI) corporations S2W said on the 12th that as a result of its initial public offering (IPO) retail subscription held on the 10th–11th, it posted a competition rate of 1,972.62 to 1. S2W is the first corporations to be subject to the IPO (initial public offering) regulations implemented since Jul.
The number of subscriptions was 237,127, and the quantity totaled 779.18 million shares. The subscription deposit came to about 5.1426 trillion won. The listing underwriter is DAISHIN SECURITIES, and S2W plans to list on the KOSDAQ market on the 19th.
Earlier, S2W recorded a competition rate of 1,145.40 to 1 in a book-building for institutional investors held from the 2nd to the 8th. The offering price was set at 13,200 won, the top end of the indicated range. Based on the final offering price, the total offering amount is about 20.9 billion won, and the expected market capitalization at listing is about 139.8 billion won.
Founded in 2018, S2W has attracted international organizations, domestic and overseas government agencies, and large corporations as clients through the security AI platform for public and government agencies "XARVIS (XARVIS)" and the security AI platform for corporations and institutions "QUAXAR (QUAXAR)." It later launched the industry-specialized AI platform "SAIP (S2W AI Platform)" to meet corporations demand for big data analytics capabilities specialized by domain.
Recently, it achieved export results such as supplying solutions to Saudi Arabian government agencies and signing a long-term renewal with INTERPOL, and it is also actively pursuing efforts to pioneer new markets and diversify revenue models, including signing a memorandum of understanding (MOU) with Samsung Fire & Marine Insurance to expand the cyber insurance market.
Seo Sang-deok, CEO of S2W, said, "We will focus on expanding our overseas sales base and advancing research and development (R&D) technology to strengthen profitability."