'Hyundai Motor Group In-house Venture' Auto& Achieves Demand Forecast Ratio of 1713:1... "Exceeds Upper Limit of IPO Price"

[Asia Economy Reporter Hyunseok Yoo] Mobility life platform company AutoN announced on the 10th that the demand forecast for institutional investors conducted from the 5th to the 6th recorded a competition rate of 1713 to 1. The public offering price was set at 5,300 KRW, exceeding the expected band of 4,200 to 4,800 KRW.

The total number of shares offered by AutoN is 2,877,579 shares (100% new shares), and general subscription will be conducted on the 11th and 12th. The company is scheduled to be listed on the 20th and plans to raise approximately 15.3 billion KRW. The listing underwriter is Mirae Asset Securities, and the lead manager is Hyundai Motor Securities.

AutoN, established in 2008 as an in-house venture of Hyundai Motor Group aiming to be Korea’s first mobility life platform company, spun off in 2012. Based on about 20,000 products and 10,000 installation points, it is continuously growing with a mobility-specialized e-commerce platform connecting online and offline, and an A2B (Aftermarket to Beforemarket) product and service platform linking automotive aftermarket products and services to finished vehicles. Leveraging the A2B platform, it supplies options and dedicated products related to electric vehicles and new cars such as Genesis, Ioniq 5, EV6, and Casper. The e-commerce platform is also expanding into various automotive-related linked services including finance, information, care, and transactions beyond finished vehicles like Hyundai and Kia, based on a differentiated open API.

Choi Chan-wook, CEO of AutoN, emphasized, "While traditional internal combustion engine vehicles were simply for transportation, in the electric vehicle era, 'what to do while moving' is important. AutoN will grow into a company leading the mobility life of the electric vehicle era based on a business structure that links aftermarket and beforemarket." He added, "We thank the investors who showed great interest in AutoN’s demand forecast."

This content was produced with the assistance of AI translation services.