BRILS Draws 4.9 Trillion Won in Subscriptions, Heating Up the IPO Market with 'Physical AI' [fn Market Watch]

[Financial News]  BRILS, which is promoting physical AI, attracted more than 4.9 trillion won in its initial public offering (IPO) public subscription. Its growth strategy of connecting manufacturing-floor data accumulated through industrial robots with physical AI and humanoids is believed to have boosted investor sentiment.
According to investment banking industry sources on the 22nd, BRILS received applications for 502,878,630 shares during its public subscription held from the 17th to the 18th, recording a competition ratio of 1,676.26 to 1. Subscription deposits totaled 4.9031 trillion won across 113,800 applications. In the earlier institutional demand forecast, the offering price was set at 19,500 won, the top end of the indicative range.
The supply burden immediately after listing also eased. Institutional investors' lock-up commitment ratio reached 21.75%, reducing the percentage of shares available for trading on the first day from 26% to 21%.
An investment banking industry source said, "In the recent IPO market, what matters more than simply having AI in the name is whether a company has technology that can be applied at actual industrial sites and has secured customers. BRILS appears to have attracted investor interest because it is expanding the on-site experience gained from its existing robot automation business into physical AI."
BRILS has brought everything from robot system design and software development to manufacturing and installation in-house, supplying inspection, assembly and logistics systems to automotive, secondary battery and semiconductor manufacturing sites. More recently, it has begun field validation of physical AI, deploying autonomous robots to inspect automobile seat switches.
The company plans to use the offering proceeds to expand its research and development center, advance physical AI technology, and develop next-generation robot platforms, including quadrupedal and humanoid robots. 
Another investment banking industry source noted, "After listing, the key factor will be how quickly BRILS can convert its existing robot business into recurring revenue based on physical AI, rather than its high subscription competition ratio. Whether expectations for its technology translate into actual orders and earnings will be a key variable in determining its future corporate value." 
BRILS is set to list on the KOSDAQ (Korea Securities Dealers Automated Quotations) market on October 1.


[email protected] Kim Kyung-ah Reporter