Xenon Enters Kosdaq IPO Process, Expands Investment in AI Agents and Physical AI
TECHWORLD ·
✦ AI Summary
Xenon filed a securities registration statement with the Financial Services Commission on the 8th and began the process for its Kosdaq IPO.
The company plans to offer 2.2 million shares, with a desired price range of KRW 9,700–12,200 per share and total proceeds of about KRW 21.34 billion to KRW 26.84 billion.
First-half standalone sales this year came to KRW 11.76 billion, operating profit was KRW 2.2 billion, and Xenon plans to use the IPO proceeds for AI infrastructure and core technology upgrades, talent acquisition, and overseas business expansion.
Xenon announced on the 8th that it had filed a securities registration statement with the Financial Services Commission and begun the process for its Kosdaq IPO. After obtaining approval for the preliminary review for a Kosdaq listing from the Korea Exchange last month, Xenon said the filing made the offering timetable more concrete.
The listing will be a general listing, not a technology-special listing. The company plans to offer 2.2 million shares, with a desired price range of KRW 9,700–12,200 per share. Based on that range, the total offering size is expected to be about KRW 21.34 billion to KRW 26.84 billion.
Samsung Securities is the lead underwriter. The book-building schedule for institutional investors is from the 26th to the 30th, and the public subscription period is November 4 to 5.
Founded in 2017, Xenon has its own enterprise AX platform, GenOS. GenOS supports corporate AI strategy planning, development, adoption, and operations, and Xenon is focusing its business expansion on finance, public-sector, and power-generation industries, while recently widening its application sectors to manufacturing and pharmaceuticals.
The company unveiled OneAgent, an execution-oriented AI based on GenOS, and also unveiled GenA, an integrated portal for AI agents. It also opened a dedicated physical AI lab in March. Through these efforts, the company is pursuing the commercialization of humanoid-based senior care technology and also pursuing the commercialization of enterprise automation-related technologies.
In step with this business expansion, separate-basis sales in the first half of this year reached KRW 11.76 billion. That was 4.3 times higher than sales of KRW 2.73 billion in the same period last year. First-half sales this year also exceeded last year’s annual sales of KRW 11.74 billion. Operating profit for the same period was KRW 2.2 billion, with an operating margin of 18.7%.
Xenon plans to use the offering proceeds to advance AI infrastructure and core technologies. Specifically, it plans to expand AI computing infrastructure, including GPU resources, and use the funds to upgrade and develop GenOS. The company also plans to use the money for upgrading and developing OneAgent, as well as for developing physical AI-related technologies.
In addition, Xenon plans to allocate the offering proceeds to securing talent and expanding its overseas business. The company is pursuing overseas expansion based on its local subsidiary in Indonesia. Its overseas targets are a vision AI quality inspection automation solution and a generative AI platform.
CEO Go Seok-tae said the company will use this offering as an opportunity to pursue plans to expand investment in AI infrastructure and technology, and to accelerate the commercialization of AI agents and physical AI. He also said the company aims to strengthen the growth foundation of its enterprise AX business through plans to expand into overseas markets.
Source: TECHWORLD · Kim Seung-ki
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407952
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Source: TECHWORLD
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