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AI & Enterprise

Korean stocks slide raises uncertainty for AI startups ahead of IPOs

A sharp fall in South Korean stocks has raised uncertainty for AI startups pursuing initial public offerings, as concerns resurface over AI investment profitability. Alice Group is set to list on the KOSDAQ after strong demand in its bookbuilding and retail subscription. Attention is turning to follow-on candidates Rablup and Xenon as they run institutional demand forecasts and prepare retail subscriptions amid heightened market volatility and potentially weaker investor sentiment.

Finance

Hana Securities first in South Korea to issue $300 million foreign currency hybrid capital securities

Hana Securities said on Wednesday it raised $300 million by issuing U.S. dollar-denominated foreign currency hybrid capital securities, the first such deal by a South Korean securities firm. It plans to use the funds for growth businesses including global investment banking, corporate finance and venture capital supply. The 30-year notes carry a call option after five years. More than 120 institutional investors joined bookbuilding, placing $1.7 billion of orders.

AI & Enterprise

Xenon wins Kosdaq preliminary listing approval, IPO process accelerates

Generative AI company Xenon said on Monday it received approval from the Korea Exchange for a preliminary listing review for a Kosdaq listing. The approval came about 2 months after it filed its application in July. Samsung Securities is the lead manager, and Xenon plans to list on Kosdaq through a general listing. Xenon said proceeds will go to expand AI infrastructure and advance its AI platform and related technologies.