[DigitalToday reporter Seulgi Son] Generative AI solutions company Xenon said on Oct. 8 it filed a securities registration statement with the Financial Services Commission and began the public offering process for a Kosdaq listing.

Xenon passed the Korea Exchange's preliminary review for a Kosdaq listing in September and is pursuing a general listing rather than a technology special listing.

The total offering is 2.2 million shares. The proposed offering price is 9,700 to 12,200 won per share. The offering size is 21.34 billion to 26.84 billion won.

Bookbuilding for institutional investors runs from Oct. 26 to 30. Retail subscriptions run from Nov. 4 to 5. Samsung Securities is the lead manager.

Founded in 2017, Xenon supports companies from establishing AI strategies to development, deployment and operations based on its in-house AI transformation (AX) platform GenOS. It has focused its business on the finance, public and power generation sectors and is recently expanding its customer base to manufacturing and pharmaceuticals.

It has launched GenOS-based execution AI OneAgent and the AI agent integrated portal GenA. In March, it created a dedicated research organization for physical AI to pursue commercialization of related technologies.

On a standalone basis, revenue for the first half of this year was 11.76 billion won, about 4.3 times higher than a year earlier. It also exceeded last year's full-year revenue of 11.74 billion won. Operating profit in the same period was 2.2 billion won and the operating margin was 18.7 percent.

Xenon plans to use the funds raised from the offering to expand AI computing infrastructure such as graphics processing units and to upgrade existing solutions including GenOS and OneAgent. It will also use the funds for physical AI commercialization, securing technical talent and expanding into overseas markets.

Xenon CEO Seok-tae Go (고석태) said, "We will use this offering as an opportunity to expand AI infrastructure and technology investment and speed up the commercialization of AI agents and physical AI, as well as expansion into overseas markets."