Shares traded at 27,350 won (US$19.76) as of around 2 p.m., up 173.5 percent from the IPO price of 10,000 won. The stock rose as high as 30,750 won during the session after opening at 25,250 won.
The sharp debut followed strong retail demand. The Sept. 10-11 public offering drew orders for 1,047.78 times the shares available, with more than 2.6 trillion won in deposits submitted for orders.
Only 23.21 percent of Neosapience's shares were available for trading on the first day, down from an earlier estimate of 28.66 percent.
The smaller number of shares available for trading came after institutional investors agreed not to sell 660,322 shares or 44.02 percent of their allocation for 15 days after the listing.
The agreements kept part of the institutional allocation off the market, limiting the supply of shares available for trading on the first day.
Founded in 2017, Neosapience develops generative AI-based voice technology. Its main service Typecast allows users to turn text into audio and video content using AI-generated voices and virtual characters.
The firm offers more than 700 AI voice characters and supports 37 languages. Its customers include streaming platform SOOP, home-shopping company CJ OnStyle, telecom operator LG Uplus and broadcaster SBS.
AJP Takeaways
- Neosapience jumped 202 percent from its 10,000 won IPO price to 30,200 won shortly after its KOSDAQ debut on Sept. 21.
- Neosapience's Sept. 10-11 public offering drew orders for 1,047.78 times the shares available, with more than 2.6 trillion won in deposits.
- Neosapience had 23.21 percent of its shares available for first-day trading after institutional lockup commitments reduced the tradable supply.
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