Press Coverage
Intellian raises US$26 million warchest for new VSAT technology
18 Oct, 2016
 
Intellian has developed 60cm diameter VSAT antennas for ship satellite communications

 

Intellian Technologies has raised around US$26 million in an initial public offering (IPO) of shares to fund developments in VSAT technology. Shipping will benefit from advances in VSAT antennas and faster delivery times for equipment that enables quicker broadband.

The IPO involved offering 1,450,000 common shares via the South Korean stock exchange KOSDAQ at an initial price of US$17.27 per share. This resulted in raising some US$26 million in capital and a company market capitalisation of almost US$124 million.

Intellian president and chief executive Eric Sung said the funds will help the company invest four times that amount in research and development. He said proceeds from the IPO will enable Intellian to continue its innovations and delivery of scalable solutions to the wider mobility satellite communications sector.

“Our innovative approach has led to important milestones, growth for all our partners and key advancements in connectivity for the entire maritime industry,” he said. “In the next five years Intellian will invest no less than US$100 million in research and development to continue innovating and keeping people connected no matter where in the world they may be.”

In a recent interview, Mr Sung explained to marinemec.com how the funds raised through the IPO would lead to advances in VSAT antenna technology. These would include multi-band antennas and potentially flat panel systems. Intellian is in a partnership with Kymeta Corp, which successfully tested flat panel antenna technology over satellite earlier this month.

Intellian had a turnover of US$54 million in 2015, with operating profits reported as US$4.7 million. Sales in the first six months of 2016 amounted to US$38.6 million, generating an operating profit of US$6.5 million. 

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