韩国Intellivix IPO定价9000韩元居区间上限，机构认购1234倍
韩国AI视频分析及四足巡逻机器人软件企业Intellivix于10月20日在韩国电子公告系统DART提交发行条件确定文件，将科斯达克IPO价格定为区间上限9000韩元，募资225亿韩元。散户认购于10月21日至22日进行。
韩国AI视频分析企业Intellivix于10月20日在DART提交的发行条件确定申报书显示，其科斯达克IPO定价为每股9000韩元，处于7600至9000韩元区间上限。公司发行250万股新股，募资225亿韩元，散户认购于21日开启。
需求高度集中。申报书显示，2357家机构合计申购23.14亿股，认购倍数1234.30倍；其中2304份（97.8%）报价恰好为9000韩元，28份高于上限，没有低于上限的报价。
锁定承诺仅约6%
同一表格显示，2357份申购中有2221份、合计21.72亿股未作任何锁定承诺。按申购数量计，有锁定承诺的比例约6.1%，为MEKAWIRE根据申报书计算。认购倍数高而锁定少，往往意味着上市首日短线抛压较大。
机构获配187.5万股（75%），散户62.5万股（25%）。缴款与配售公告日为10月26日，未来资产证券以包销方式担任主承销商。
- 高于9000韩元
- 28
- 1.2%
- 26,191,000
- 1.1%
- 9000韩元（上限）
- 2,304
- 97.8%
- 2,253,497,000
- 97.4%
- 未报价（关联承销商）
- 25
- 1.1%
- 34,628,000
- 1.5%
- 7600至9000韩元以下
- 0
- 0%
- 0
- 0%
- 合计
- 2,357
- 100%
- 2,314,316,000
- 100%
来源：Intellivix发行条件确定申报书（DART，2026年10月20日）。认购倍数1,234.30 = 申购2,314,316,000股 / 机构配售1,875,000股。锁定比例6.1% = (2,314,316,000 − 2,172,139,000) / 2,314,316,000，MEKAWIRE计算。
截至 2026年10月20日
MEKAWIRE 分析
市场把Intellivix当作带有机器人期权的盈利软件公司定价，而非机器人公司；几乎没有锁定承诺，说明相当部分需求瞄准的是上市溢价而非ARGOS机器人。
按发行后11335408股计算，9000韩元对应市值约1020亿韩元，约为2025年营收466亿韩元的2.2倍、营业利润的约21倍。对比之下，MEKAWIRE记录显示宇树科技8月在上海上市的发行市盈率为219.23倍（按2025年利润）。中韩两地对机器人概念的定价差距由此可见一斑。募资中用于四足巡逻系统ARGOS的仅25亿韩元，申报书未披露四足机器人硬件供应商，这一点值得中国四足机器人厂商留意。
关注节点
- 10月22日散户认购倍数及10月26日配售公告
- 10月26日配售后的上市首日表现
- ARGOS试点是否披露客户或机器人合作方
- 9000韩元，区间上限
- 225亿韩元，新股250万股
- 1234.30倍，2357份申购
- 97.8%
- 认购10月21日至22日，缴款10月26日
为何重要
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.
竞争对手分析
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.
估值背景
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.
供应链影响
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.
后续看点
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.
分析师观点
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.
值得追问的问题
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?