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"We expect our core solution to be integrated into the existing air defense network starting in 2029, once we complete the 'Rapid Demonstration Project for Large Drone Hard-Kill Close Protection System' in collaboration with LIG Defense & Aerospace by 2028. With superior accuracy and price competitiveness, we aim to establish our solution as an industry standard."
NearS Lab, a startup specializing in physical AI-based autonomous flight drones, Choi Jae-hyeok (CEO), announced this on the 6th at Seoul Yeouido's 63 Square during an initial public offering (IPO) press conference. Established in 2015, NearS Lab has successfully commercialized autonomous flight technology that enables drones to recognize and judge their surroundings independently without relying on human operators, based on its 'Aerial Intelligence' technology.
Through wind turbine safety inspection projects utilizing this technology, NearS Lab has inspected over 100,000 wind turbine blades across more than 40 countries worldwide, achieving a mission success rate of over 99%. Building on the accumulated autonomous flight technology and operational experience, the company expanded its business into the defense sector starting in 2024 by developing the large drone hard-kill solution 'KAiDEN' and the swarm suicide drone 'XAIKEN'.
Just over two years after entering the defense market, the company secured a supply project for XAiDEN valued at $100 thousand won (approximately 14.7 billion won). The entire contract was recognized as revenue upon completing product delivery in the first half of this year. According to preliminary results for the second quarter of this year, NearS Lab reported sales of 16.9 billion won and an operating profit of 500 million won.
In June, the company signed a 'Memorandum of Understanding on Establishing a Business Collaboration System in the Interception Drone Sector' with LIG Defense & Aerospace to participate in the 'Rapid Demonstration Project for Large Drone Hard-Kill Close Protection System.' The project is valued at 17 billion won, with NearS Lab's share estimated at around 4.5 billion won. The company is responsible for applying 'KAiDEN' to the integrated air defense network by 2028. With the project fully launching in 2029, NearS Lab targets sales of 92.1 billion won that year.
NearS Lab is actively pursuing new contracts this year by selecting customers with high long-term procurement potential. The number of companies under discussion has significantly increased from three last year to around 22. Singapore, the UAE, and South Korea will be leveraged as Wi Han (CEO) references for entering the Southeast Asian, Middle Eastern, and K-defense markets, respectively.
The IPO size ranges from 27.3 billion won at the lower end of the offering price to 37.5 billion won at the upper end. These funds are planned to be invested in establishing a production factory and R&D (research and development). The company intends to build a production facility that meets certification and security standards required for defense business, aiming to expand its client base and improve profitability.
Notably, lead underwriter Samsung Securities demonstrated confidence in the success of this offering by granting 'repurchase rights' to general housing subscription participants for three months from the listing date. Repurchase rights allow general housing subscription participants to resell their shares at 90% of the offering price within a specified period. Since this is not mandatory, it is interpreted as Samsung Securities having strong confidence in NearS Lab's corporate valuation.
Choi Jae-hyuk, CEO of NearS Lab, stated, "With this listing as a turning point, we will expand production infrastructure and R&D investments and fully begin global supply of KAiDEN and XAiKEN."
Meanwhile, through this IPO, NearS Lab plans to offer a total of 910,000 shares. The desired offering price per share ranges from 30,000 won to 41,200 won. Demand forecasting for institutional investors will be conducted until the 7th. Following housing subscription on the 12th and 13th, the company aims to complete its listing within this month.
[MoneyToday startup media platform Unicorn Factory]
in FUTURE
