Big data analytics artificial intelligence (AI) corporations S2W said on the 12th that it succeeded at its initial public offering (IPO), recording a competition rate of 1,972.62 to 1 from general subscriptions held over two days on the 10th and 11th.
Subscription applications totaled 237,127, with 779.18 million shares, and deposits reached about 5.1426 trillion won, according to tallies. Earlier, from the 2nd to the 8th, S2W drew expectations for IPO success by recording a competition rate of 1,145.40 to 1 in a book-building for institutional investors and setting the offering price at 13,200 won, the top end of the desired range.
Founded in 2018, S2W drew attention in the global market by winning 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, demonstrating competitiveness in new businesses.
Recently, it achieved export results by supplying solutions to Saudi Arabian government agencies and signing a long-term renewal with INTERPOL. It is also moving 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, "Through the book-building and general subscription, we were able to once again confirm investors' strong interest in S2W's technology and growth potential," and added, "To meet this interest, we will focus on expanding our overseas sales base and advancing research and development (R&D) while striving to strengthen profitability."