Sconex to List on KOSDAQ on the 4th of Next Month... Subscription Competition Rate 1751 to 1

[Asia Economy Reporter Hyungsoo Park] Sconex Entertainment, an extended reality (XR)-based metaverse technology company, will be listed on the stock market on the 4th of next month.

Sconex Entertainment announced on the 23rd that the public offering subscription for general investors, conducted over two days from the 20th to the 21st, recorded a competition rate of 1751 to 1.

Earlier, Sconex conducted a demand forecast for institutional investors from the 13th to the 14th and finalized the public offering price at 13,000 KRW, exceeding the expected price range of 9,000 to 12,000 KRW. The lock-up commitment ratio is 26.5%.

Hwang Dae-sil, CEO of Sconex, said, "We are grateful for the strong interest shown in the general subscription following the successful institutional demand forecast," adding, "Sconex will strive to grow as a leading company in the global XR technology market while also enhancing shareholder value."

Founded in 2002, Sconex specializes in developing and producing virtual reality (VR) content. In 2015, it applied ‘VR motion sickness reduction technology’ to release the world’s first VR first-person shooter (FPS) game, ‘Mortal Blitz.’ In 2017, it launched an upgraded version of the same IP for Sony’s PSVR device, achieving the number one global download ranking.

Sconex uniquely holds the core technology of the ‘large-space XR walking system’ in Korea, which allows multiple users 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 currently underway.

After listing, Sconex plans to release three new VR games based on the ‘Mortal Blitz’ universe by 2023. It will strengthen development technologies for precise tracking of movement and character motion according to the scale of virtual space and the number of participants, accelerating the development of differentiated technologies in the XR convergence sector.