The initial public offering (IPO) subscription for KNS Inc., a specialized satellite communication antenna company, targeting general investors, closes on the 5th. Investor funds have been flowing in rapidly since the subscription opened, demonstrating strong interest.

• ■ Subscription Overview
• Allocated volume: 600,000 shares for general investors
• Estimated even allocation: Approximately 17 shares per person (as of 9:08 AM on the 5th)
• IPO price: 11,000 won, minimum subscription 10 shares
• Margin rate: 50% → Minimum margin 55,000 won
• Lead underwriter: IBK Investment & Securities, closes at 4:00 PM

If the number of participants increases by the afternoon, the actual number of shares allocated per person may decrease further.

■ Demand Forecast Competition Ratio of 938.24 to 1 In the institutional investor demand forecast, a competition ratio of 938.24 to 1 was recorded. The institutional lock-up commitment ratio stands at 0.78%, which is evaluated as a non-negligible level considering the scale of the demand forecast. A lock-up commitment refers to the proportion of allocated shares that institutions promise not to sell for a certain period.

• Expected market capitalization based on IPO price: Approximately 112.9 billion won
• Estimated value of tradable shares immediately after listing: Approximately 33.9 billion won
• Shareholder composition on listing day: Institutions 57.9%, Existing shareholders 22.7%, General subscribers 19.5%
• Refund date: 7th / Expected listing date: 14th

This offering does not include a put-back option, which would allow investors to sell shares back to the lead underwriter if the stock price falls below a certain level after listing.

■ Business Expansion: From Maritime VSAT to Military and Aviation KNS Inc.'s core businesses are satellite communication antennas and satellite broadcasting reception antennas. The company is expanding its business areas into the defense and aviation sectors, leveraging the technology and customer base it has accumulated in the maritime VSAT antenna field used for ship satellite communications.

VSAT (Very Small Aperture Terminal) is a system that exchanges data with satellites using relatively small antennas. In maritime environments, where terrestrial communication networks often cannot reach, satellite communication equipment is essential for ship navigation information, crew communications, and remote control.

Based on the technological capabilities secured in commercial maritime VSAT, the company is pushing to enter the military VSAT and ESA flat panel antenna markets. ESA (Electronically Steered Array) is a method that tracks satellite signals by electronically controlling multiple antenna elements without mechanically rotating the antenna. It can be miniaturized into a flat panel form and is advantageous for maintaining satellite connections while on the move, making it applicable to warships, vehicles, aircraft, and unmanned systems.

■ Military Satellite Communication Launched in Earnest with MOSCOS-II KNS Inc. fully launched its military satellite communication antenna business in 2024 with the Republic of Korea Navy's Maritime Operation Satellite Communication System-II (MOSCOS-II) project. MOSCOS-II is a project to establish a stable satellite communication network between naval vessels and land-based command headquarters.

The company plans to expand its product lineup to include satellite communication antennas for submarines, surface ships, and unmanned surface vehicles, as well as products mounted on command and control vehicles and helicopters. The vision is to grow into an integrated satellite communication antenna solution company for maritime, defense, and aviation by expanding its business structure, which is currently centered on civilian vessels, to defense platforms.

Defense communication equipment must maintain communication performance even in harsh environments involving vibration, shock, salinity, and temperature changes. The company intends to apply the design and control technologies honed in the maritime antenna business to the development of military products.

■ Investment Considerations While a high demand forecast competition ratio is important, investors should also consider the low lock-up commitment ratio, the volume of tradable shares immediately after listing, and the absence of a put-back option. The IPO subscription competition ratio is merely an indicator of investor interest and does not guarantee post-listing stock price performance or corporate value.

[This article is intended to provide information on IPO subscriptions and does not recommend subscribing to, buying, or selling any specific stock. The responsibility for IPO investments lies with the investor. This article was written with AI assistance.]