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Target corporate value 42 trillion won...First half sales up approximately 13 times year-on-year
Enscale, a UK-based artificial intelligence (AI) cloud infrastructure company that received investment from NVIDIA, has officially initiated its US stock market listing process.
Enscale submitted an application to the Securities and Exchange Commission (SEC) on the 18th (local time) to list on the New York Stock Exchange under the ticker symbol 'NSCL'.
The number of shares to be offered and the desired IPO price range have not yet been determined.
Enscale stated in its application that its sales in the first half of this year were $140.6 million (approximately 195 billion won), an increase of more than 13 times compared to sales of $10.4 million in the same period last year.
However, net losses also increased nearly threefold during the same period, from $368.9 million to $1.02 billion.
Enscale is an AI cloud specialized company that provides computational resources by securing data centers, power, NVIDIA's Graphics Processing Units (GPUs), and more.
NVIDIA recently participated as a major investor, acquiring $1 billion worth of convertible bonds out of the $3.1 billion issued by Enscale.
Enscale is reportedly aiming for a corporate valuation of around $30 billion (approximately 42 trillion won) through this listing.
The lead underwriters for the listing include Goldman Sachs, JP Morgan, and Morgan Stanley.
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