[Asia Economy Reporter Jang Hyowon] XR-based metaverse technology company Sconex Entertainment (CEO Hwang Daesil) announced on the 18th that it has finalized the public offering price at 13,000 KRW, exceeding the upper limit of the desired public offering price band, through a demand forecast conducted for institutional investors on the 13th and 14th.
A total of 1,716 institutional investors participated in this demand forecast. The final competition rate recorded was 1,725 to 1. Sconex explained that about 99% of the participating institutions submitted public offering prices at or above the upper limit of the desired range (including those who did not specify a price), and decided the public offering price at 13,000 KRW, exceeding the existing desired price band (9,000 to 12,000 KRW), confirming the total public offering amount at 28.9 billion KRW.
This is analyzed as a high evaluation of Sconex’s world-class virtual reality (VR) and extended reality (XR) content implementation and production technology, as well as the future growth potential of its VR game business, XR education and training business, and XR future business.
The VR game business plans and produces first-person shooter (FPS) content with ultra-realistic graphics and network functions supporting multiplayer, based on 20 years of accumulated console game development know-how. In 2015, it applied the world’s first VR FPS ‘Mortal Blitz’ using ‘VR motion sickness reduction technology,’ and in 2017, released an upgraded version of the same IP for Sony’s PSVR device, achieving the number one global download ranking.
Looking ahead, global ICT companies such as Meta (formerly Facebook), Apple, and Sony have announced the release of high-performance new VR HMDs (Head-mounted Displays), and the VR game market is expected to grow rapidly. Sconex plans to introduce three new games based on the Mortal Blitz universe by 2023.
Sconex develops spatial-based virtual reality systems and content that can be applied to industrial fields requiring training at the same level as reality, such as chemistry, firefighting, defense, and public safety, based on XR technology including augmented reality (AR) and mixed reality (MR) as well as VR games.
In particular, Sconex uniquely possesses the core technology of the ‘Large-space XR Walking System,’ which allows multiple people to participate simultaneously in virtual reality training. This technology was established as a domestic standard in 2020 and has been adopted as a standard proposal by the International Organization for Standardization (IEEE), with global standardization underway. Additionally, Sconex holds development technology for precision in movement and character motion tracking according to the scale of virtual space and the number of participants, securing differentiated technology in the XR convergence sector.
Hwang Daesil, CEO of Sconex, said, “We thank the institutional investors who showed interest and participated in the demand forecast.” He added, “After listing, Sconex will continue to focus on developing unique technology and core content accumulated over many years of experience to grow into a leading company in the global metaverse industry.”
Meanwhile, Sconex will proceed with general subscription on the 20th and 21st and will be listed on the KOSDAQ market on February 4th.
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