Acryl, an artificial intelligence (AI) infrastructure company, hit a "double" on its first day on KOSDAQ, doubling from its offering price.
As of 9:13 a.m., Acryl was trading on the KOSDAQ market at 39,700 won, up 20,200 won (103.59%) from the offering price of 19,500 won.
From the 25th of last month to the 1st of this month, Acryl drew a competition rate of 790.5 to 1 in a book building for institutional investors. A total of 2,262 domestic and overseas institutions participated, and the offering price was set at the top end of the desired range at 19,500 won.
In the public subscription for retail investors held on the 4th to 5th of this month, the competition rate was 1,130.33 to 1. A total of 595 billion won in subscription deposits was collected.
Founded in 2011, Acryl is an AX infrastructure company that supports the full process of AI development with infrastructure technology and service buildout.
Its core product, "Jonathan," maximizes graphics processing unit (GPU) performance so that more models can be developed, deployed, and operated faster with the same resources, improving corporations' AI efficiency structure.
Acryl plans to use the IPO proceeds for facility funds, including purchases of GPU servers and storage, and for working capital, as well as for research and development to advance its AI infrastructure technology.