StradVision, a company specializing in autonomous driving vision artificial intelligence (AI) software, is experiencing a downturn on its first day of trading on the KOSDAQ, with shares falling below the initial public offering (IPO) price.
As of 9:20 a.m. on June 30, StradVision's stock was trading at 8,560 won, down 3,440 won (28.67%) from the IPO price of 12,000 won. At one point, shares dropped to 8,010 won shortly after the market opened.
Earlier this month, during a demand forecast for institutional investors held from June 9 to 15, StradVision recorded a competitive ratio of 381.30 to 1. Approximately 66.8% of participating institutions, including those that did not specify a price, offered bids above the upper end of the desired IPO price range. However, to ensure accessibility for retail investors, the IPO price was set at 12,000 won.
In the general subscription held on June 18 and 19, the competitive ratio was 45.83 to 1, with a total subscription deposit of 962.4 billion won. The funds raised from the IPO are intended for research and development of next-generation advanced driver-assistance systems (ADAS) and autonomous driving technologies, as well as for expanding the global sales network and enhancing the vision AI platform.
StradVision develops image recognition software for autonomous driving and advanced driver-assistance systems (ADAS) based on its proprietary vision AI technology. The company claims that its software is currently applied in over 5 million production vehicles worldwide.
Kim Jun-hwan, CEO of StradVision, stated, "We will strengthen our competitiveness in the automotive software market based on our unique vision AI technology and global production experience. We aim to accelerate our global market penetration and secure a sustainable growth foundation through this listing."
* This article has been translated by AI.
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