Intellian Announces IPO
Intellian Technologies announced an initial public offering of 1,450,000 common shares via the KOSDAQ, at an initial price of $17.27 per share.
The initial public offering will result in roughly $26m in raised capital and a total market capitalization for the company of just below $124m. Shares will start trading on the KOSDAQ Market on October 18, 2016 under the ticker symbol “189300 KS Equity.” Founded in 2004, Intellian's company turnover in 2015 reached $54m, with operating profit reported as $4.7m. Sales in the first six months of 2016 amounted to $38.6m, generating an operating profit of $6.5m.
Proceeds from this offering will facilitate the company’s continued innovation and delivery of scalable solutions to the wider mobility satellite communications sector. The next phase of growth for Intellian will expand the company’s footprint into other verticals such as aviation, land-mobile and military communications.
“This is an exciting day for all of us. In only 12 years we have taken a leadership position over others who had been in the maritime market for decades,” said Eric Sung, President and CEO of Intellian. “Our innovative approach has led not only to this important milestone in our own success story, but also to growth for all our partners along the way, and key advancements in connectivity for the entire maritime industry. In the next 5 years Intellian will invest no less than $100m in R&D to continue innovating and keeping people connected no matter where in the world they may be,” said Sung.