KOSDAQIT & Software420610

IntelliVIX

₩10,910▼ 15.43%2026-11-06 close

Market Cap

₩123.7B

Turnover

₩21.4B

Volume

1.9M

Shares out.

11.3M

PER

—

PBR

—

EPS

—

Dividend Yield

—

PER, PBR and dividend yield are calculated from the latest confirmed results (EPS, BPS, dividend per share) and the current share price · Prices as of the 2026-11-06 close

Report overview

A Profitable AI Name's 244% Debut

IntelliVIX more than tripled its IPO price on its KOSDAQ debut, drawing attention with a 13-year run of operating profits and plans to expand into defense and physical AI.

1
The institutional book-building drew a 1,234.3-to-1 subscription ratio and the retail offering drew 1,410.9-to-1, and the IPO price was set at KRW 9,000, the top of the range.
2
In 2025, revenue was KRW 46.6 billion, operating profit KRW 4.9 billion and net profit KRW 5.4 billion. First-half 2026 revenue was KRW 23.4 billion and operating profit KRW 1.2 billion.
3
The company points to its integrated safety-monitoring platform GenAMS and its VIX 2.0 video-analytics engine, and cites a 68.5% share of Korea's public intelligent video-analytics market.
4
Shares tradable right after listing equal 23.95% of the total, while the 60.12% stake held by four core shareholders, including the largest shareholder, is locked up for 36 months.
5
The expected market capitalization at the IPO price range was KRW 86.1-102.0 billion, versus KRW 351.4 billion at the time of writing, so the key question is whether new businesses can contribute enough revenue to account for the price level.

Business structure

IntelliVIX is a video-analytics AI company founded in June 2000. It supplies deep-learning-based AI solutions for public safety, industrial safety, disaster response and traffic, and its core business is a safety-monitoring system that analyzes CCTV footage in real time to detect anomalies.

Its integrated platform GenAMS combines the company's own AI engine with a generative vision-language model and supports situation analysis and follow-up actions, not just risk detection.

The company says it covers customers in 68.6% of Korean local governments and has operated its AI models at more than 5,000 sites nationwide. It supplies technology to local governments such as Seoul, Hwaseong and Osan, and to industrial sites of large groups including Samsung, LG, SK, Hyundai Motor and POSCO.

Since 2021 it has worked with LG CNS to supply safety AI to LG Group overseas plants, it exports AI protecting vulnerable road users to Japan, and in 2025 it signed export distribution agreements covering eight Southeast Asian countries.

Its new growth axes include a hybrid VSaaS business that adds video search, generative AI analysis and automated reports as subscriptions on top of its existing build-out projects. In physical AI, the strategy focuses on the AI mission equipment and software mounted on robots rather than on the robot bodies.

The material reviewed for this report contains no segment revenue breakdown and no quantitative comparison with individual competitors, so both are described only qualitatively. The public-market share figure is the company's own estimate and would need independent verification.

Recent trends

IntelliVIX's revenue grew from KRW 18.3 billion in 2023 to KRW 34.0 billion in 2024 and KRW 46.6 billion in 2025. For 2025, operating profit was KRW 4.9 billion and net profit was KRW 5.4 billion, with an operating margin of about 10.5%.

Operating profit in 2025 rose 113% from the prior year, and retained earnings stood at KRW 16.4 billion. In the first half of 2026, revenue was KRW 23.4 billion, operating profit KRW 1.2 billion and net profit KRW 1.3 billion.

At its year-end event on 2025-12-24, the company set 2026 targets of KRW 70 billion in revenue and KRW 9 billion in operating profit. Against that target, first-half operating profit of KRW 1.2 billion is only a fraction of the full-year goal, so the second half would need to carry a larger share.

The shares opened on the debut day from an IPO price of KRW 9,000 and rose sharply. The stock opened at KRW 19,290, a doubling from the IPO price, and reached an intraday high of KRW 35,350. It closed at KRW 31,000, up 244.44%, after an intraday low of KRW 16,450.

Volume was 50,081,557 shares and trading value was KRW 1.1895 trillion. One intraday report that day noted no major news or disclosures about the company in the prior seven days. The quoted price of KRW 30,750 at the time of writing and the reported close of KRW 31,000 appear to differ because of the reference time.

Outlook

The KRW 22.5 billion of IPO proceeds is earmarked for AI R&D, defense AI, commercialization of physical AI and overseas expansion.

Specific items include a next-generation video-analytics foundation model, physical AI built around the ARGOS quadruped patrol robot, and upgrades to VIXallcam, which detects objects in bad weather and at night.

The company says VIXallcam can detect objects at distances of 200 m or more in snow, rain and fog, and the product won a CES 2026 Innovation Award. The company also says its selection as a Defense Innovation Company 100 member gives it a foothold in AI surveillance for frontline guard posts and coastal outposts.

For video search, it is discussing a proof of concept with the National Police Agency. Overseas, it has projects under way in Australia, Taiwan and Southeast Asia, following exports to Japan.

However, defense, physical AI and subscription services are all at an early stage, and the timing and size of their revenue contribution have not been confirmed.

The items to monitor are whether second-half 2026 results approach the full-year target, whether subscription revenue becomes recurring, and how the tradable share count grows as lock-up periods expire.

Bull factors

13 straight years of operating profit and a general listing

IntelliVIX chose a general listing rather than a technology-special-case listing, backed by 13 consecutive years of operating profit. Revenue rose from KRW 18.3 billion in 2023 to KRW 46.6 billion in 2025.

Management said operating profit grew from KRW 1.8 billion to KRW 4.9 billion and net profit from KRW 1.6 billion to KRW 5.4 billion between 2023 and 2025. In an AI sector where losses are common, a record of profitability gives investors a basis for judging business stability.

Deployment base and data from public and industrial sites

The company claims a 68.5% share of Korea's public intelligent video-analytics market. It says it has accumulated more than 500 million raw video images and more than 50 million computer-vision training images over 26 years.

In Hwaseong, Gyeonggi Province, it built a monitoring system linking more than 12,000 CCTV cameras. Management stresses that this field data and operating experience are hard for new entrants to replicate quickly.

Expansion into subscriptions, defense and physical AI

The subscription services are an attempt to build recurring revenue on top of the existing build-out business. In the company's own tests, a two-stage inference design cut VLM compute by about 50 times and raised the channels analyzable on the same GPU setup from 16 to 150.

This illustrates how processing costs in large-scale monitoring could be lowered. Because the IPO consisted entirely of new shares, funding for new businesses has been secured, which also leaves room for improvement in operating metrics.

Bear factors

Market cap high relative to earnings

The expected market capitalization at the IPO price range was KRW 86.1-102.0 billion, versus KRW 351.4 billion at the time of writing. Against 2025 net profit of KRW 5.4 billion and first-half 2026 operating profit of KRW 1.2 billion, the market capitalization is demanding.

One outlet also noted that it remains to be confirmed whether new businesses' revenue contribution and enterprise value can support the current share price. Right after listing, the share price can be driven more by supply and demand than by earnings.

Gap between first-half profit and the full-year target

First-half 2026 revenue was KRW 23.4 billion and operating profit was KRW 1.2 billion. Compared with the operating margin of about 10.5% in 2025, first-half profitability was lower. Reaching the company's 2026 operating profit target of KRW 9 billion would require a sharp rise in second-half profit.

If second-half results disappoint, the gap between growth expectations and actual profit could become more visible.

New businesses are early-stage with uncertain revenue

Defense AI, physical AI, video search and subscription services are all at an early commercialization stage. The business with the National Police Agency is still at the stage of discussing a proof of concept. No confirmed figures exist for the revenue size or timing of these businesses.

One outlet noted that supply of IPO shares played a large role in the first-day gain, so it should be assessed separately from future business results.

Risk factors

Macro

As a newly listed stock grouped with AI themes, IntelliVIX can be sensitive to shifts in AI-related sentiment. On 2026-10-30 in US trading, Intel fell 28.90% and AI chip names such as AMD, Nvidia and Micron also weakened.

The same day in Korea, large chip stocks such as Samsung Electronics and SK hynix also declined together. If external volatility rises, price swings in small AI stocks could widen as well.

Supply and demand

Shares tradable right after listing total 2,715,067, or 23.95% of the planned listed shares, of which existing shareholders account for about 1.90%. The institutional lock-up commitment ratio was only 6.14%, but 76.05% of all shares are under mandatory holding.

With a small float and trading value concentrated at the KRW 1 trillion level, the share price can move sharply within a single day. One outlet cited tradable share volume and profit-taking after listing as short-term variables. As lock-up expiry dates approach, a larger tradable supply becomes another variable.

Business and customers

The solutions are supplied to local governments, public institutions and industrial sites of major domestic conglomerates. Because public-sector customers matter, quarterly revenue can vary with budgets, ordering schedules and bidding competition.

The domestic market-share figure comes from the company, so competitive intensity needs to be checked separately. Revenue timing in defense and physical AI could slip depending on certification, field trials and delivery schedules.

Overall view

IntelliVIX listed through a general listing with an operating track record of 13 consecutive profitable years and rapid revenue growth since 2023. The 2025 operating margin of about 10.5% is a confirmed operating baseline.

On the other hand, first-half 2026 operating profit was only KRW 1.2 billion, and the market capitalization at the time of writing was more than three times the level expected at the IPO price, so the gap between earnings and the price level is the central issue.

Trading on the debut day appears to have been heavily influenced by IPO-share supply and AI-related sentiment. Defense, physical AI and subscription services are areas where revenue contribution has not yet been confirmed.

Going forward, it is worth checking in turn whether second-half 2026 results approach the target, the order status of new businesses, and changes in tradable supply as lock-ups expire. This report is for information only, and investment decisions rest with the reader.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-10-31 · Data as of 2026-10-30

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.