Seoul, South Korea – IGINET, a pioneering AI-powered insurtech platform, is gearing up for its Initial Public Offering (IPO), drawing significant investor interest. The company has proposed a valuation of up to 127.6 billion won, using the price-to-earnings ratio (PER) method for determining the offering price.
According to the registration statement submitted to the Financial Services Commission on September 29th, IGINET is offering 2 million shares, aiming to raise between 12 and 14 billion won. Institutional investors are allocated 1.4 to 1.5 million shares, while the general public is allotted 500,000 to 600,000 shares. Korea Investment & Securities is the lead underwriter.
Founded in 2014, IGINET has been a leading force in the insurtech industry. In 2019, the company launched "Bodak," an AI-powered insurance diagnosis app. This platform has attracted over 200 billion won in investments from venture capitalists and financial investors, including The Ventures, Woori Technology Investments, Woori Bank, Hana Securities, and LS Securities.
IGINET is seeking a market capitalization of up to 127.6 billion won through its IPO. To determine the offering price, the company employed the PER multiple method. However, given the current net loss, the company used projected earnings for 2026 and multiplied them by the average PER of its peer group to calculate its enterprise value.
The peer group consisted of only two companies, Kucon and Finger, selected based on their database and online information provision businesses. Further filtering was done to include only companies with over 50% of their revenue from data analysis platforms and those listed for more than a year. Companies with exceptionally high multiples were excluded. The average PER of the two companies was 26.17x.
IGINET projected its total revenue for 2026 to reach 76.8 billion won, a 490% increase from the previous year. The company also forecast a turnaround to profitability in 2023, with operating profit reaching 13.9 billion won in 2026. Net profit, which was -12.6 billion won in the previous year, is expected to turn positive and reach 11 billion won.
To account for uncertainties in revenue realization and market conditions, the company applied a 20% annual discount rate to the projected net income. The resulting present value of net income was 6.7 billion won. By applying the peer group's average PER, the estimated earnings per share was 9,584 won. After applying a discount rate of 37.39% to 29.96%, the company arrived at the offering price range of 6,000 to 7,000 won. Based on this, IGINET's post-listing market capitalization is estimated to be between 109.4 billion won and 127.6 billion won.
IGINET will conduct a bookbuilding process from September 9th to 15th, followed by a public offering from September 20th to 21st. The company aims for a KOSDAQ listing in January.
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