SEOUL, October 17, 2016 /PRNewswire/ --
Intellian Technologies, Inc. ("Intellian" or "the company"), announced today 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 is the global leader in maritime satellite communication systems. 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.
Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company is including this cautionary statement in connection with the relevant legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in prices, changes in demand for products, changes in our operating expenses, including materials prices and insurance costs, the market for our products, competition in the industry, availability of financing and refinancing, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents, piracy or political events, satellite unavailability or breakdowns and other factors.
This announcement is not a prospectus but an advertisement and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in Intellian Technologies ("Intellian" or the "Company") except on the basis of information in the prospectus published by Intellian Technologies in connection with the potential offering and admission of such securities to trading and official listing on KOSDAQ ("KOSDAQ KRX, Seoul").
SOURCE Intellian Technologies