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 submitted its preliminary listing review application in July. Samsung Securities is the lead manager, and Xenon is seeking to enter Kosdaq through a general listing.

Founded in 2017, Xenon supports companies' adoption and operation of AI based on its self-developed enterprise AI transformation (AX) platform, GenOS. It is expanding its business scope from finance, the public sector and power generation into areas including manufacturing and pharmaceuticals.

Revenue on a separate basis for the first half of this year was 11.76 billion won, up 4.3 times from a year earlier, surpassing last year's full-year revenue of 11.74 billion won. Operating profit in the same period was 2.2 billion won, with an operating margin of 18.7 percent.

Xenon plans to proceed with filing a securities report, bookbuilding and a public subscription. It will use the offering proceeds to expand AI infrastructure such as GPUs and to advance technologies including its AI platform, agents and physical AI.

Xenon Chief Executive Seok-tae Ko (고석태) said, "We will thoroughly prepare the remaining offering procedures and strengthen competitiveness in the enterprise AX business."