Purenteo Records 2683.1 to 1 Competition Rate in IPO Subscription

[Asia Economy Reporter Ji-hwan Park] Furontier has succeeded in attracting interest not only in institutional investor demand forecasting but also in the public subscription for general investors.

Furontier announced on the 16th that it recorded a competition rate of 2,683.1 to 1 in the public subscription for general investors held over two days from the 14th to the 15th. For the 400,000 shares allocated to general investors, 1,073,249,510 subscription applications were received. The subscription deposit was tentatively estimated at 8,049,371,325,000 KRW. The tentatively calculated subscription results do not exclude duplicate subscriptions between securities firms and may change after the removal of duplicate subscriptions.

Furontier conducted demand forecasting for domestic and foreign institutional investors on the 7th and 8th, and as 95.4% of the total application quantity was offered at the upper price, the public offering price was set at 15,000 KRW, exceeding the upper price of the expected band (11,400 KRW to 13,700 KRW).

Furontier, which operates a sensing camera process equipment development business for autonomous vehicles, is developing sensing cameras and inspection equipment that measure objects on site, unlike existing automotive cameras that show object views.

The representative equipment, Active Align, Intrinsic Calibration, and Dual Align, are recognized as core process equipment for autonomous driving sensing cameras. These devices are supplied to leading domestic companies such as Samsung Electro-Mechanics, Sekonix, and MCNEX.

A company official stated, "Furontier plans to target the entire core sensor process equipment market for autonomous vehicles, which consists mainly of sensing cameras and LiDAR." The public offering funds will be used for research and development to advance technology, recruitment of outstanding talent, and preparation for full-scale entry into overseas markets.

Baesangshin, CEO of Furontier, expressed his aspirations, saying, "I sincerely thank the general investors who have shown great trust in Furontier's growth potential through the IPO," and added, "We will lead the global standard process equipment industry as a company that creates the eyes of autonomous vehicles."

Furontier is scheduled to complete all public offering procedures after payment on the 17th and enter the KOSDAQ market on the 23rd. The underwriters are Yuanta Securities and Shinhan Investment Corp.