Hanssak Confirmed at 12,500 Won, Exceeding the Upper Limit of the Offering Price Range

Security leading company Hanssak announced on the 18th that it has finalized the public offering price at 12,500 KRW, exceeding the upper limit of the desired price band, based on the demand forecast results for institutional investors.

Previously, a total of 1,879 institutions participated in the demand forecast for institutional investors conducted over five days starting from the 8th. Despite the implementation of the underwriter's obligation to verify payment capability, a high competition rate of 840.74 to 1 was recorded. Most institutional investors who submitted prices (99.89%, including those who did not submit prices) offered prices at or above the upper limit of the public offering price range (8,900 to 11,000 KRW), demonstrating strong interest.

A representative from KB Securities, the lead underwriter, stated, “Hanssak’s differentiated technology and solid sales growth, along with diversification through new businesses based on cloud and AI, seem to have received high evaluations from investors.” It is analyzed that not only the technology but also the proven performance with sales of 21.9 billion KRW and net profit of around 3.8 billion KRW in 2022 (including costs recognized due to free contributions to the employee stock ownership association) provided trust.

Hanssak has more than 1,100 clients with its ‘SecureGate,’ a network data transmission security solution that holds Korea’s first InfiniBand technology patent. Moving forward, Hanssak is concretely advancing various new businesses such as security mail services using AI and home network security business, while proactively responding to cloud transition along with the advancement of existing solutions.

Lee Judo, CEO of Hanssak, emphasized his ambition, saying, “Based on a stable business foundation with consistently high growth rates, we will leap forward as a company leading cloud and AI security after listing.”

Hanssak is offering a total of 1.5 million shares with KB Securities as the lead underwriter. Subscription for general investors will be conducted from September 19 to 20. The company is scheduled to be listed on KOSDAQ on October 4.

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