Objen, IPO Price Set at 18,000 Won... Subscription Rate 98.49 to 1

[Asia Economy Reporter Jang Hyowon] Obzen, a MarTech solution specialist company (CEO Lee Hyungin), announced on the 13th that the public offering price was set at 18,000 KRW following a demand forecast conducted for institutional investors on the 10th and 11th.

In this demand forecast, 599 institutional investors participated in the subscription of 543,169 shares, which is 70% of the total public offering volume, recording a competition rate of 98.49 to 1. Accordingly, approximately 13.967 billion KRW is expected to be raised through this public offering, and the secured funds will be invested in IT equipment for solution development and operation, solution R&D, data purchase costs, SaaS operation costs, and more.

Obzen has secured an unshakable number one position competing with global IT companies in the domestic CRM marketing solution sector and has focused on R&D investment over recent years to expand into new markets. In the third quarter of last year, the company achieved a cumulative break-even point (BEP).

The company stated, “Starting this year, we plan to expand our customer base from mainly large corporations to small and medium-sized enterprises (SMEs) and mid-sized companies, and simultaneously enter overseas markets together with Naver Cloud,” adding, “We aim to become the Salesforce.com of Korea.”

Founded in 2000, Obzen specializes in developing marketing solutions applying big data and AI (artificial intelligence) technologies. To actively respond to changes in the marketing market, the company developed MarTech solutions as its next-generation growth engine, which grew to account for 60.6% of total sales in the third quarter of last year, establishing itself as Obzen’s main business.

Obzen has secured leading domestic large corporations as clients across various industries such as finance, telecommunications, distribution, and fashion. Based on references from large corporations, the company is expanding its business area to the SME and mid-sized company markets. The solutions previously provided mainly to large corporations have been downsized and standardized to fit the scale of SMEs and mid-sized companies, and new products supporting the discovery of data insights for marketing utilization by comparing and combining internal and external data have also been launched.

Obzen is achieving sales growth through various growth strategies. Obzen’s sales have grown at an average annual growth rate of 32.6% since 2021, and are expected to reach 46.787 billion KRW in 2024.

Meanwhile, Obzen’s subscription for general investors is 193,989 shares, which is 25% of the total public offering volume, and will be conducted over two days from the 16th to the 17th. The company is scheduled to be listed on the KOSDAQ market at the end of this month, with Korea Investment & Securities acting as the lead manager for the listing.