[Featured Stock] Insurance Platform IGnet Plummets on First Day of Listing

AiGinet, famous for its insurance diagnosis platform 'Bodak,' experienced a sharp decline of over 30% during trading on its first day of listing.

As of 10:05 AM on the 4th, AiGinet was trading at 4,715 KRW, down 32.64% from its initial public offering (IPO) price.

Founded in 2014, AiGinet established itself as a leading insurtech platform by launching the AI-based insurance diagnosis app 'Bodak' in 2019. After receiving permission to use financial MyData, it enhanced its insurance diagnosis and recommendation services and also provides corporate insurance solution services. The company showed growth with 2 million app downloads, a 98% insurance contract retention rate, and an incomplete sales rate in the 0% range.

In last month's demand forecast, the IPO price was set at the top end of 7,000 KRW, and the general subscription competition rate reached 146 to 1, indicating strong popularity.

However, concerns over deteriorating sales and profitability due to the recent domestic economic downturn appear to have caused the stock price to plunge. The company also noted in its securities registration statement that "Although a net profit was recorded based on the consolidated financial statements for the third quarter of 2024, investors should be aware that the company's growth and profitability may deteriorate due to changes in internal and external management environments, recession in upstream industries, delays in the growth of the Bodak platform, and other factors."

Since it was listed under the special case for technology growth companies, investors can exercise their redemption rights for up to six months from the listing date.