Physical artificial intelligence (AI)-based autonomous-flight drone corporations Nearthlab(417030) is down 14% on the first day of its KOSDAQ listing on the 24th.

Choi Jae-hyeok, CEO of Nearthlab, gives a company briefing at an IPO press conference at 63 Square in Yeongdeungpo-gu, Seoul, on the 6th./Courtesy of Nearthlab.

As of 9:20 a.m. on the day, Nearthlab is trading on the KOSDAQ market at 35,400 won, down 5,800 won (14.08%) from the offer price (41,200 won).

Nearthlab exported the counter-drone hard-kill solution Kaiden (KAiDEN) and the swarm strike solution Xaiden (XAiDEN) to Singapore and the United Arab Emirates (UAE). Based on the provisional second-quarter results this year, it posted sales of about 16.9 billion won and operating profit of about 700 million won.

Nearthlab recorded a final competition ratio of 530 to 1 in the initial public offering subscription conducted over two days on the 12th–13th for retail investors. Earlier, after book-building for institutional investors, it set the offer price at 41,200 won, the top end of the desired band (30,000–41,200 won).

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