Nearslab, a company specializing in autonomous drones powered by physical artificial intelligence (AI), is experiencing a decline of over 10% on its first day of trading on the KOSDAQ, falling below its initial public offering (IPO) price.
As of 9:17 a.m. on August 24, Nearslab's shares were trading at 36,400 won, down 4,800 won (11.65%) from the IPO price of 41,200 won, according to the Korea Exchange.
Earlier, during a demand forecast conducted for institutional investors from August 3 to 7, the company set its IPO price at the upper end of the desired range of 30,000 to 41,200 won.
In the subscription for general investors held on August 12 and 13, Nearslab recorded a competition rate of 530 to 1. A total of 120,571,780 shares were subscribed, with the subscription deposits amounting to approximately 2.5 trillion won. The number of subscription applications reached 114,564.
Nearslab plans to use the funds raised from this IPO to establish its own manufacturing facility, enhance production technology, and expand its workforce in quality management. The company aims to advance its core technologies and products related to autonomous flight.
In particular, it intends to strengthen its production and quality management capabilities in response to the growing demand in the defense sector and expand the global supply of its autonomous drone products, KAiDEN and XAiDEN.
Nearslab has secured business references in overseas markets, including Singapore and the United Arab Emirates (UAE), and is expanding its autonomous drone business based on physical AI technology.
* This article has been translated by AI.
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