IGNet announced on the 21st that it recorded a subscription competition rate of 145.99 to 1 as a result of conducting a subscription for general investors.
As a result of receiving subscriptions over two days from the 20th to the 21st, subscription deposits totaling 255.5 billion KRW were received.
IGNet conducted a demand forecast targeting domestic and foreign institutional investors over five trading days from the 9th to the 15th. A total of 2,097 institutions participated, recording a competition rate of 1,138.59 to 1. The public offering price was set at the upper end of the desired range, 7,000 KRW. A redemption right was granted, allowing investors to sell back to the lead manager, Korea Investment & Securities, at 90% of the public offering price if the stock price underperforms within six months after listing.
A representative from Korea Investment & Securities, which managed the listing, explained, "Granting the redemption right is not only for investor protection but also an expression of confidence in IGNet."
IGNet will utilize the public offering funds for ▲ upgrading the existing platform ▲ artificial intelligence (AI) research and development ▲ and expanding into the Vietnamese market.
IGNet CEO Kim Ji-tae stated, "IGNet is the first insurtech company in Korea," adding, "We will solidify our position as a platform that protects the rights and interests of insurance consumers and realizes the happiness of the people based on trust."
IGNet will be listed on the KOSDAQ market on the 4th of next month.
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