Intellivix seeks up to KRW 22.5bn in KOSDAQ IPO, sets aside KRW 2.5bn for a quadruped patrol robot

Intellivix, a Seoul company that has sold AI video analytics to Korean police, local governments and factories for two decades, is using its stock-market debut to buy its way into robotics. The company is offering 2,500,000 new shares at an indicative KRW 7,600 to 9,000 each, according to the prospectus it filed with Korea's DART disclosure system on October 14, which would raise KRW 19.0 billion at the bottom of the range and KRW 22.5 billion at the top. Institutional book-building sets the final price; retail subscription is scheduled for October 21 and 22, with payment on October 26. Mirae Asset Securities is the sole lead manager on a firm-commitment basis. No existing shareholder is selling.

The robot line is small, and spelled out

The filing lists new businesses as a physical-AI safety agent, the all-weather VIXallcam camera, cloud subscriptions and ARGOS, which it describes as autonomous patrol in places people cannot easily enter, such as contaminated or radiation zones and security blind spots. ARGOS combines a four-legged robot with the company's Gen AMS control platform and VIXA engine, and uses a vision-language model to generate incident reports from images and video without manual input. The use-of-proceeds section allocates KRW 2.5 billion to ARGOS out of roughly KRW 12 billion for new businesses, next to KRW 5.0 billion for the AI agent and KRW 3.5 billion for VIXallcam. Chief executive Jang Jeong-hoon told reporters on October 16 that the company supplies the software brain and that ARGOS is in a proof of concept at a Korean industrial complex, TheElec reported; the filing does not name the robot maker.

A profitable listing in a market of loss-making ones

Intellivix is listing under KOSDAQ's general track, which requires profits, rather than the technology-special track used by most Korean robot companies. The prospectus shows revenue of KRW 18.3 billion in 2023, KRW 34.0 billion in 2024 and KRW 46.6 billion in 2025, with operating margin of 9.85%, 6.83% and 10.47%. First-half 2026 revenue rose 8.18% to KRW 23.4 billion at a 5.19% margin; the filing warns that sales cluster in the fourth quarter because public-sector customers buy at year end, and operating cash flow was a KRW 3.2 billion outflow in the half. After the offering there will be 11,335,408 shares; the largest shareholder, Kim Yong-sik, will hold 35.49%, and 23.95% of shares will be tradable on day one.

What MEKAWIRE's records say about the price

At the range, the company would be valued at KRW 86.1 billion to 102.0 billion, which is 1.8 to 2.2 times 2025 revenue and about 18 to 21 times 2025 operating profit (MEKAWIRE calculation: post-offering shares times price, divided by the prospectus figures). That is a different world from the robot listings MEKAWIRE has tracked this year: Unitree's Shanghai IPO in August priced at 219.23 times 2025 earnings, and Agility Robotics' Nasdaq merger values a company with USD 1.78 million of 2025 sales at USD 2.5 billion before money. Korean logistics-robot maker Twinny, which plans a KOSDAQ listing in 2027, raised pre-IPO money at a reported KRW 204.4 billion post-money valuation in September, roughly twice Intellivix's top-of-range value.

The open question is whether investors will pay a robotics multiple for a video-analytics business with a KRW 2.5 billion robot budget. The final price, due before the October 21 subscription, is the first answer; the second is whether ARGOS moves from proof of concept to a named customer in the plants, power stations and military sites the company says it is targeting.