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. Founded in 2017, the company specializes in developing generative AI-based voice synthesis technology and operates its flagship service, Typecast.
Typecast allows users to create content using AI voices and virtual characters by inputting text. The service has attracted 3.2 million registered users and over 2,000 corporate clients, and is available through web and application programming interfaces (APIs).
The IPO process was also a success, with a demand forecast for institutional investors recording a competition rate of approximately 220 to 1. The final offering price was set at the upper end of the expected range, at 15,800 won. For individual investors, the subscription competition rate reached 1,047.78 to 1, with total subscription deposits exceeding 2.6 trillion won.
Factors that may ease supply pressure after the listing include a mandatory holding commitment for 44.02% of the shares allocated to institutional investors, reducing the proportion of tradable shares on the listing day from an initial 28.66% to 23.21%.
Last year, Neosapience reported revenue of 10.65 billion won, a 66.4% increase from the previous year. The company’s operating loss was 2.68 billion won, significantly down from 7.88 billion won the year before. Neosapience plans to use the IPO proceeds to expand its AI infrastructure, research and development, and international market reach.
* This article has been translated by AI.
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