Madup, an artificial intelligence (AI) marketing firm, is experiencing strong performance on its first day of trading on the KOSDAQ.
As of 9:26 a.m. on July 1, shares of Madup were trading at 15,150 won, up 7,150 won (89.38%) from the initial offering price of 8,000 won. The stock opened at 22,250 won and reached an intraday high of 30,200 won, marking a 277.50% increase from the offering price.
Previously, during the demand forecasting period for institutional investors from June 12 to 18, a total of 2,392 institutions participated, resulting in a competition ratio of 1,396 to 1. The final offering price was set at the upper limit of the company's proposed range of 7,000 to 8,000 won.
In the public subscription for individual investors held on June 23 and 24, the competition ratio reached 3,305 to 1, with total subscription deposits amounting to approximately 6.6 trillion won.
The company plans to use the funds raised from this initial public offering (IPO) to invest in AI infrastructure for enhancing its LEVER Xpert platform, expand research and development personnel, and grow its global market presence, particularly in North America, as well as to increase revenue from solution-based services.
Founded in 2015, Madup provides AI-driven digital marketing services based on advertising execution data and its AI agent, LEVER Xpert.
* This article has been translated by AI.
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