Neosapience, an artificial intelligence (AI) voice generation company, has seen its stock surge nearly threefold on its first day of trading on the KOSDAQ.
According to the Korea Exchange, as of 9:07 a.m. on September 21, Neosapience's shares were trading at 29,550 won, up 19,550 won (195.50%) from its initial public offering (IPO) price of 10,000 won.
Neosapience debuted on the KOSDAQ today with an IPO price of 10,000 won, raising 20 billion won. The lead underwriter for the listing was Daishin Securities.
Founded in 2017, Neosapience develops generative AI-based voice synthesis technology. Its flagship service, Typecast, allows users to create content using AI voices and virtual characters by inputting text.
Typecast has attracted 3.2 million registered users and over 2,000 corporate clients. Recently, the company expanded its business into the international B2B market by listing the Typecast API on the Amazon Web Services (AWS) Marketplace.
The IPO process was also a success, with a demand forecast for institutional investors recording a competition rate of approximately 220 to 1, while the subscription rate for individual investors reached 1,047.78 to 1. The total subscription deposits exceeded 2.6 trillion won.
On the listing day, the available trading volume was lower than initially expected. Among the shares allocated to institutional investors, 44.02% were subject to a lock-up agreement, reducing the proportion of tradable shares on the listing day to 23.21%.
Last year, Neosapience reported revenue of 10.65 billion won, a 66.4% increase from the previous year. The company reduced its operating loss to 2.68 billion won, down from 7.88 billion won the year before. Neosapience plans to use the IPO proceeds to enhance its AI infrastructure, invest in research and development, and expand into overseas markets.
* This article has been translated by AI.
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