South Korean financial market tracker FnGuide Inc. is preparing move to bigger Kosdaq with hopes to raise up to 10.6 billion won ($9.6 million) from the offering.

The Seoul-based financial market data provider said Wednesday it has filed an application to join the Kosdaq. Its shares are currently trading on smaller Konex exchange.

In a disclosure, FnGuide said that it will offer 1,626,190 common shares – 10 percent to employees and the rest to the public. It has set the desired price band of 5,200 won to 6,500 won, giving the company fresh capital of 8.5 billion won to 10.6 billion won.

Price will be set after the book-building session on Dec. 2-3. Retail subscription will follow on Dec. 8-9 to list the stock by the year-end. Shinyoung Securities and Samsung Securities are leading the offering.

The proceeds will be used on designing and building new financial data systems as well as upgrading existing data services.

Founded in 2000, FnGuide is the country’s top financial data service provider with the largest database of financial information. The company registered an operating income of 3.2 billion won on revenue of 21.1 billion won last year. They are up 79.64 percent and 84.52 percent, respectively, from the previous year.

On Wednesday, FnGuide shares fell 1.98 percent to 9,900 won at the Konex.

By Cho Jeehyun

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