Genon Wins Preliminary Approval for KOSDAQ Listing Review, Accelerates IPO Process
TECHWORLD ·
✦ AI Summary
Genon has received preliminary approval from the Korea Exchange for a KOSDAQ listing.
The company will pursue a standard listing rather than a special technology listing, and Samsung Securities is the lead underwriter.
Going forward, it plans to proceed sequentially with filing the securities registration statement, conducting a book-building process with institutional investors, and carrying out the general subscription offering.
Genon has cleared the preliminary screening for a KOSDAQ listing, putting its IPO process into full swing. On the 21st, Genon received approval from the Korea Exchange for the preliminary screening required for a KOSDAQ listing. The approval came about 2 months after the company submitted its preliminary review application in July.
With this approval, Genon has moved on to the next stage of its KOSDAQ listing push. Samsung Securities is the lead underwriter. The company plans to pursue the KOSDAQ debut through a standard listing route rather than a special technology listing.
Going forward, the company plans to proceed sequentially with filing the securities registration statement, conducting a book-building process with institutional investors, and carrying out the general subscription offering. Through these steps, Genon intends to continue preparing for the listing.
Founded in 2017, Genon supports companies in establishing AI strategies and in development, adoption, and operations based on its enterprise AX platform, GenOS. It has accumulated business experience in finance, the public sector, and power generation, and has recently expanded its applications into manufacturing and pharmaceuticals.
The company is linking its business expansion to stronger results. Separate-basis revenue for the first half of this year came to KRW 11.76 billion, up 4.3 times from KRW 2.73 billion a year earlier. That figure also exceeded last year's full-year revenue of KRW 11.74 billion.
Operating profit for the same period totaled KRW 2.2 billion. That is about 3.1 times last year's full-year operating profit of KRW 700 million. The operating margin also rose to 18.7% in the first half of this year from 6% last year. Genon has remained profitable since 2024.
While continuing its existing enterprise AX business, the company is expanding into new AI areas. It opened a dedicated Physical AI lab this year and is pursuing the commercialization of Physical AI-related technologies. It also launched GenA, an AI agent integrated portal for individual users.
The company said it plans to use the funds raised through the listing to expand AI infrastructure and advance its proprietary technologies. It plans to secure computing resources such as GPU, and to invest the proceeds in AI platforms including GenOS, as well as in AI agents and Physical AI technology development.
The company plans to use the funds it secures to secure outstanding talent and expand overseas business. At the same time, it plans to enhance the competitiveness of its existing enterprise AX business, advance commercialization of new AI services, and further develop its global market entry strategy.
Genon CEO Ko Seok-tae said the company will support companies' practical AI transformation and expand its business foundation based on experience accumulated across various industrial sites. He added that, with the preliminary listing review approval as a springboard, the company will continue preparing for the remaining public offering process, keep strengthening its enterprise AX competitiveness, and continue commercializing new growth areas.
Source: TECHWORLD · Kim Seung-gi
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407306
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Source: TECHWORLD
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