The public subscription for shares of Intellics, an artificial intelligence (AI) video analytics company, closed on the 22nd after a two-day schedule for general investors. With the subscription now complete, investor attention is focused on the final equal and proportional competition ratios and the stock's trajectory after listing.

■ Final Competition Ratio Tally

Intellics' offering price is 9,000 won. The final number of shares allocated equally per general investor subscription was tallied at 1.32 shares, with a proportional allocation competition ratio of 2821.75:1. The total number of subscriptions was 237,353.

In IPO subscriptions, equal allocation distributes shares to participating investors according to a set standard; if the number of subscriptions exceeds the allocated volume, shares may be assigned by lottery. Proportional allocation divides shares according to the size of the subscription deposit, and the higher the competition ratio, the larger the deposit needed to secure the desired quantity.

■ Listing Schedule and the Prospect of 'Quadrupling'

Having completed the subscription, Intellics will proceed through allocation and refund processes before entering its listing schedule. Investors are keenly watching not only the subscription competition ratio but also the level at which the stock trades on its first day relative to the offering price.

In particular, given the offering price of 9,000 won, whether the stock achieves the so-called 'ttattable' — quadrupling on debut — is a point of interest. 'Ttattable' refers to the stock price rising to four times the offering price on the first day of listing. If Intellics hits the upper limit of the daily price change band on listing day, its share price would reach 36,000 won.

Assuming an investor allocated shares at the offering price sells at that price, the profit per share would be 27,000 won, equivalent to a 300% return. However, this is a simple calculation excluding taxes and transaction costs, and does not mean the share price will actually rise to that level.

■ Variables and Cautions After Listing

It should be noted that among recently listed IPOs, some stocks plunged on their debut day. Excessive optimism should be avoided.

After listing, Intellics' share price may be influenced by the competitiveness and growth potential of its AI video analytics business, as well as investor sentiment surrounding newly listed stocks. It must also be considered that a high subscription competition ratio in the IPO market does not necessarily lead to a post-listing stock price increase, as volatility may widen depending on the volume of shares available for trading on debut day and the balance between buying and selling pressure.

Accordingly, attention is focused on whether Intellics can sustain the investor interest confirmed during the subscription process even after listing. Meanwhile, IPO investments can involve high price volatility in the early days of listing, so investors should exercise caution.

[This article is provided for informational purposes as investment reference material and does not recommend the purchase or sale of any specific stock. Conditions may vary depending on market circumstances. Investment decisions and the responsibility for them rest with the investor.]