Some 23.21 percent of its shares will be available for trading starting from next Monday, down from an earlier estimate of 28.66 percent.
The smaller number of shares available for trading comes after institutional investors agreed to lock up 44.02 percent of the shares allocated to them, with some 660,322 of the 1.5 million shares subject to a 15-day lockup period after listing.
The initial public offering (IPO) allocated 1.5 million shares or 75 percent to institutional investors and 500,000 shares or 25 percent to retail investors.
Such lockup agreements will keep part of the institutional allocation off the market after listing, reducing the number of shares available for trading on the first day.
Neosapience operates Typecast, a generative AI-based voice platform offered through the web and application programming interface or APIs, which allow other software and services to use its technology directly.
The tech firm provides more than 700 AI voice characters and supports 37 languages. Customers include South Korean streaming platform SOOP, home-shopping company CJ OnStyle, telecom operator LG Uplus and broadcaster SBS. The companies use Neosapience's voice technology to create content and provide customer services.
AJP Takeaways
- Neosapience plans to begin trading on the KOSDAQ on Sept. 21 with 23.21 percent of its shares available for first-day trading.
- Neosapience's securities filing showed that 660,322 institutional shares, equal to 44.02 percent of the institutional allocation, are subject to a 15-day lock-up.
- Neosapience operates the generative AI voice platform Typecast, which offers more than 700 AI voices and is used by companies including SOOP, CJ OnStyle, LG Uplus and SBS.
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