Intellivix prices KOSDAQ IPO at KRW 9,000, top of range, after 1,234-to-1 book
Korean AI video-analytics and patrol-robot software company Intellivix set its IPO price at KRW 9,000, the top of its KRW 7,600 to 9,000 range, raising KRW 22.5bn, according to its DART filing of Oct 20.
Institutional demand covered their 1.875 million-share tranche 1,234.30 times; retail subscription runs Oct 21 to 22.
Intellivix, the Seoul company that sells AI video analytics and is building software for a four-legged patrol robot, priced its KOSDAQ listing at KRW 9,000 a share, the top of its indicated KRW 7,600 to 9,000 range, according to the securities registration statement it filed on DART on Oct 20. The 2,500,000 new shares raise KRW 22.5 billion, and retail subscription opened on Oct 21.
Demand was lopsided. The filing counts 2,357 institutional bids for 2,314,316,000 shares, a book of 1,234.30 times the institutional tranche. Of those bids, 2,304, or 97.8%, named exactly KRW 9,000; 28 bid higher and none bid below the top.
Few institutions agreed to hold
The same table shows that 2,221 of the 2,357 bids, covering 2,172,139,000 shares, came without any lock-up commitment. That leaves about 6.1% of the bid volume with a promise to hold shares after listing, a MEKAWIRE calculation from the filing. A heavily covered book with little lock-up usually means many short-term holders on the first trading day.
Institutions receive 1,875,000 shares (75%) and retail investors 625,000 (25%). Subscription runs Oct 21 to 22 and payment is due Oct 26, the date allotments are announced. Mirae Asset Securities underwrites the whole issue on a firm-commitment basis for KRW 927 million.
- Above KRW 9,000
- 28
- 1.2%
- 26,191,000
- 1.1%
- KRW 9,000 (top)
- 2,304
- 97.8%
- 2,253,497,000
- 97.4%
- No price (related underwriters)
- 25
- 1.1%
- 34,628,000
- 1.5%
- KRW 7,600 to below 9,000
- 0
- 0%
- 0
- 0%
- Total
- 2,357
- 100%
- 2,314,316,000
- 100%
Source: Intellivix registration statement, issue terms fixed, DART, Oct 20, 2026. Ratio 1,234.30 = 2,314,316,000 bid / 1,875,000 institutional shares. Lock-up share 6.1% = (2,314,316,000 − 2,172,139,000) / 2,314,316,000, MEKAWIRE calculation.
As of Oct 20, 2026
What the top price implies
At KRW 9,000 and the 11,335,408 shares the earlier prospectus shows after the offering, Intellivix would be valued at about KRW 102.0 billion. That is 2.2 times 2025 revenue of KRW 46.6 billion and about 21 times 2025 operating profit, using the prospectus figures MEKAWIRE reported on Oct 16. The robot part of the plan stays small: KRW 2.5 billion of the proceeds is earmarked for ARGOS, the quadruped patrol system that runs on the company's control and vision-language software.
MEKAWIRE analysis
Investors priced Intellivix as a profitable software company with a robotics option, not as a robot company, and the near-absence of lock-ups says much of that demand is for the listing pop rather than for ARGOS.
The comparison with this year's robot listings makes the point. Unitree's Shanghai IPO in August priced at 219.23 times 2025 earnings, according to MEKAWIRE's records; Intellivix at the top of its range sits near 21 times operating profit. The strongest counter-argument is the book itself: 97.8% of bids at the cap suggests institutions would have paid more if the range had allowed it.
What to watch
- Retail subscription results after Oct 22 and the allotment notice on Oct 26.
- The first trading day after the Oct 26 allotment.
- Whether the ARGOS proof of concept produces a named customer or robot partner.
- KRW 22.5bn, 2,500,000 new shares
- Subscription Oct 21 to 22; payment and allotment notice Oct 26
- 1,875,000 shares to institutions (75%), 625,000 to retail (25%)
- KRW 9,000, top of KRW 7,600 to 9,000 range
- Mirae Asset Securities, firm commitment, fee KRW 927m
- 2,357 institutional bids for 2,314,316,000 shares; ratio 1,234.30 to 1
- 97.8% of bids at exactly KRW 9,000; 28 above
Why it matters
Intellivix lists on profits under KOSDAQ's general track rather than the technology-special track used by most Korean robot companies, according to its prospectus. Its pricing tells other Korean robot software and system companies preparing listings, such as Twinny for 2027, what institutions will pay for a profitable business with a small robot line.
The book was 1,234 times covered, but 94% of the bid volume came without lock-up commitments, so the day-one trade matters as much as the price.
Rival analysis
In the Korean patrol and security robot niche, MEKAWIRE's patrol-robot explainer of Oct 19 grouped Intellivix with Neubility, Maum AI and Robotis. Intellivix differs because it brings an established video-analytics revenue base to the market and supplies the software for ARGOS rather than the legged platform, whose maker the filing does not name.
Valuation context
At KRW 9,000 the implied value is about KRW 102.0bn (9,000 x 11,335,408 shares), 2.2 times 2025 revenue (KRW 46.6bn) and about 21 times 2025 operating profit (KRW 46.6bn x 10.47% = KRW 4.88bn). Twinny's pre-IPO round in September was reported at a KRW 204.4bn post-money valuation, about twice Intellivix's IPO value, with no profits disclosed on the same basis.
Supply-chain implications
The filing does not identify the quadruped robot supplier for ARGOS. Intellivix provides the control platform, the VIXA analytics engine and vision-language reporting; the hardware supplier is the main unknown for anyone assessing the robot line's margins.
Signals to watch
Retail competition ratio after Oct 22; allotment on Oct 26; first-day trading; the first named ARGOS customer or robot partner; fourth-quarter revenue, where the prospectus says public-sector sales cluster.
Analyst view
Thesis: Intellivix was priced as profitable software with a robot option. Confidence: medium. A sustained trading premium well above the IPO price after the first month, without new robot contracts, would show investors pay a robotics multiple after all.
Questions you should be asking
Who makes the ARGOS quadruped, and on what terms? How much of the KRW 2.5bn robot budget goes to hardware versus software? Why did so few institutions agree to lock-ups despite the oversubscription?