SEOUL, South Korea, July 27, 2023 /PRNewswire/ — VIRNECT (438700: KOSDAQ) was listed today on the KOSDAQ trading board of the KSX.
Since its inception in 2016, VIRNECT has been at the forefront of industrial XR, developing its proprietary AR technology, “Track,” and its solutions: Remote, Make, View, and Twin. Catering to a diverse customer base, including renowned Korean conglomerates and Governmental institutes, VIRNECT has also gained traction in several industries.
Under the leadership of CEO Tim Ha, an XR field pioneer from KAIST UVR Lab, VIRNECT’s seasoned team has years of experience driving technological advancements and business success in the industrial XR solutions sector.
As part of its commitment to research excellence, VIRNECT founded a research center in Vienna, Austria, in its early days. Now an independent entity, this center, and the company’s American branch are gearing up for market entry in their regions. Notably, in Malaysia, VIRNECT is steadily growing hand in hand with its strategic partner XR Associates.
VIRNECT’s recent launch of SQUARS, a web-based XR platform in Europe, shows a promising start. With this, the company will reach industrial applications as well as advertising, media, content production, and e-commerce AR solutions.
During the institutional investors’ roadshow, the stock attracted significant interest, witnessing a remarkable oversubscription of 1,520 times. Retail stocks were also oversubscribed 1,311.65 times, driving the initial offer price to KRW 16,000 (about MYR 57), surpassing the upper proposed KRW 11,500 to KRW 13,600 range (MYR 41 to 48.42). Institutional and retail investors pledged KRW 5.04 trillion (about MYR 18 billion) in margin deposits for the IPO.
CEO Tim Ha expressed his “heartfelt appreciation to all who supported VIRNECT’s reaching this milestone, particularly the dedicated employees who led the company to its current position.” He affirmed VIRNECT’s commitment “to have open communication with investors and customers, continuously work towards enhancing corporate value, and establish a stable profit structure. We are committed to developing the best XR solutions, enabling customers to learn, work, and communicate more effectively. With a customer-centric approach, we will keep pushing the boundaries, seeking new approaches, and challenging ourselves to solve existing problems. Through listing, we are determined to leap to become a global XR technological leader.”
Funds raised from the listing will be strategically allocated to support new business ventures, platform development, overseas expansion marketing, and top talent recruitment.
For more information, visit virnect.io.