Wearable robot company Cosmo Robotics set the top end of its IPO price range through a book-building process for institutional investors.
Cosmo Robotics said on the 24th that it finalized its offering price at 6,000 won after recording a 1,140-to-1 competition ratio in institutional investor book building held from the 16th to the 22nd.
A total of 2,257 institutional investors participated in the book building. The process covered 2,906,300 shares, or 69.7% of the 4.17 million shares on offer, and all orders were submitted at or above the top of the price band (5,300–6,000 won), including orders without a quoted price.
Chief Executive Oh Ju-young of Cosmo Robotics said, "We believe we achieved good results thanks to investors who shared our vision," adding, "Built on Cosmo Robotics' proprietary technology recognized by the market, we will establish a clear presence in the global wearable market."
Cosmo Robotics has a wearable robot portfolio that spans all ages, from preschool children to older adults. In particular, it developed wearable robots specialized for infants and toddlers, taking an early lead in a new market. The company's self-developed "Natural Gait" technology has proven its technical credibility through publication in academic journals and clinical trials at home and abroad.
Public subscription for individual investors will be held on the 27th and 28th, and on the 27th, employee stock ownership plan subscriptions will also take place for 221,200 shares, or 5.3% of the total offering. Listing on the KOSDAQ market is scheduled for May 11.