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Allganize (Allganize Holdings), an enterprise AI (artificial intelligence) solution company invested in by major domestic venture capital firm Athenum Investment, was listed on the Growth Market of the Tokyo Stock Exchange on the 4th. Athenum Investment is the second-largest shareholder of Allganize, holding a 12.18% stake as of pre-listing, making it the investor with the largest shareholding following founder and CEO Lee Chang-su (40.2%).
Allganize is an enterprise AI solution company that originated in California, United States. It expanded its business by establishing its Korean subsidiary, Allganize Korea, in 2018 and its Japanese subsidiary, Allganize Japan, in 2019. As its business grew in the Japanese market, it pursued a local listing by executing a "flip" to relocate its headquarters to Japan in November 2021 and establishing holding company Allganize Holdings.
Athenum Investment first invested in Allganize in 2021. It paid attention to natural language understanding AI technology and the potential for global business expansion even before generative AI and large language models (LLMs) began to spread widely. It subsequently participated in a follow-on investment in 2023.
Kim Je-wook, Vice President of Athenum Investment, has been involved in formulating management and growth strategies by participating on Allganize's board since 2021. Lee Seung-yong, CEO of Athenum Investment, and Vice President Kim visited Japan on the day to congratulate Allganize on its listing.
Allganize's initial public offering (IPO) price was set at 1,260 yen per share, resulting in a market capitalization of approximately 24 billion yen (approximately 203.6 billion won) based on the IPO price. The opening price on the day was formed at 1,351 yen, which is 7.2% higher than the IPO price, but it subsequently declined to close trading at 1,250 yen, 0.8% lower than the IPO price. SMBC Nikko Securities and Daiwa Securities served as joint lead underwriters for the listing.
Athenum Investment also moved to recover part of its investment during this IPO process. According to disclosure documents from the Tokyo Stock Exchange, Athenum Investment offered approximately 10% of its held shares, specifically 224,300 out of 2,243,151 shares, as a secondary offering volume. The sale size based on the IPO price is approximately 282.62 million yen (approximately 2.4 billion won).
Even after the secondary offering, it will hold approximately 2.02 million shares. The value of the remaining stake based on the IPO price is approximately 2.545 billion yen (approximately 21.6 billion won), and future investment recovery results are expected to vary depending on stock price trends.
An official from Athenum Investment stated, "We find it meaningful that Allganize, with whom we have been a long-term partner since our initial investment in 2021, has listed on the Japanese stock market," adding, "We will continue to support Allganize so that it can expand its business and enhance its competitiveness in the global enterprise AI market."
In addition to Allganize, Athenum Investment has consistently invested in domestic startups operating in the Japanese market. Key portfolio companies include Channel Corporation, operator of the AI customer service solution 'ChannelTalk'; Scatter Lab, operator of the AI chat service 'Zeta'; and Timetree, which provides a shared calendar service.
[MoneyToday Startup Media Platform Unicorn Factory]
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