Rebellions, an artificial intelligence (AI) chip startup, has wrapped up a non-deal roadshow (NDR) for global investors, gauging overseas sentiment ahead of its initial public offering (IPO). Despite continued losses, the company drew favorable reactions by emphasizing the symbolic weight of being the first investment recipient of the National Growth Fund, along with value-chain advantages linked to Samsung Electronics and SK hynix. Analysts say the outcome reflects aggressive IR pitching backed by Rebellions' existing investors.
According to investment banking (IB) industry sources on Wednesday, Rebellions completed an NDR targeting local investors in Hong Kong and Singapore in late April. The week-long schedule was attended by Rebellions CEO Park Sung-hyun, along with the listing underwriter consortium consisting of Samsung Securities, Korea Investment & Securities, and JPMorgan. As an NDR, the event did not involve IPO-related sales activities and instead focused on introducing the company's status and business plans.
A significant number of overseas institutional investors expressed interest in Rebellions' business portfolio. The title of being the first portfolio company of the National Growth Fund, combined with its positioning as a "K-Nvidia," helped draw favorable responses. The company also maintains strategic partnerships with Samsung Electronics and SK hynix, both of which have been hitting record highs on the Korea Exchange's main board.
While concerns over financial health persist domestically due to continued losses, global investment institutions reportedly made no significant comments on the matter. "Since the briefing was not aimed at the IPO itself, discussions focused on broader topics such as business items and future plans rather than detailed financial issues," an IB industry source said. "There were many questions about the timing and scale of mass production for 'Rebel 100,' the next-generation AI chip."
Some analysts view the outcome as the result of aggressive IR pitching ordered by Rebellions' existing investors. The approach was to minimize references to the financial structure while maximizing emphasis on business outlook and ties with the government. "From what I understand, the message was that there is no need to feel intimidated, given that even unlisted companies in Hong Kong and China with weaker financial conditions than Rebellions visit for NDRs," another IB industry source explained.
Meanwhile, industry watchers expect Rebellions to file for preliminary review in August this year with the goal of listing on the KOSPI. Although the Korea Exchange invited AI unicorns including Rebellions on the 4th of this month and announced plans to strengthen support for KOSDAQ listings, existing investors are leaning toward a KOSPI debut. In that case, listing is possible even with losses if the market capitalization based on the final offering price exceeds 1 trillion won, although some say the implicit hurdle is higher.
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