Wearable robot company Cosmo Robotics secured more than 6 trillion won in deposit money from the retail tranche.
Cosmo Robotics said that in the subscription for retail investors on the 27th-28th, it recorded a competition rate of 2,013.8 to 1. The deposit totaled 629.817153 billion won.
This retail tranche for Cosmo Robotics covered 1,042,500 shares, or 25% of the total offering. Subscriptions were received for 2,099,390,510 shares.
Earlier in the book-building, every participating institution submitted at or above the top end of the indicative price band (including no-price bids). In all, 74.48% of institutional investors pledged lockups, and 36.29% committed to hold for at least three months.
The company plans to actively invest 25.02 billion won in IPO proceeds to expand in global markets, including the United States, Japan, Russia, Europe and China. It also plans to invest in developing next-generation wearable robots to expand beyond the B2B rehabilitation medical market into B2C and B2G.
Oh Ju-young, CEO of Cosmo Robotics, said, "Through the IPO, we were able to confirm positive assessments of Cosmo Robotics' technology and growth potential," and added, "We will accelerate entry into the U.S. home-use market as well as Japan, Russia and Europe and China, based on the IPO proceeds secured through the listing."
Cosmo Robotics is scheduled to list on the KOSDAQ market on May 11.