1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
KNRX
Event Date
2025-09-29
Sector
Information Technology
Subsector
IT Services
Offer Range
$4.00
Shares Offered
3M
Shares Outstanding Pre-IPO
27.26M
27.26M
$121.7M
11.0%
Implied Upside vs Midpoint
Description
We are a B2B technology company specializing in providing programmatic advertising products and solutions to marketers to streamline and automate their advertising and marketing workflows. Our software offers marketers cost-effective solutions and productivity-enhancing capabilities to target their desired audience across various advertising channels and devices through automated processes and algorithms, which is known as “programmatic advertising” in our industry. Leveraging our proprietary AI/ML technology and steered by the marketer’s directive, our cloud-based software can autonomously execute split-second advertisement purchasing transactions, strategically acquiring advertising placements and optimizing online advertisement from the global advertisement and data marketplaces using the insights gleamed from diverse data points consolidated across various ad channels, including the Open Internet and the Walled Gardens. It is critical for marketers to connect to as many online ad channels as possible to attain the sufficient reach to engage with their desired audience at the right time to effectively promote their products and services. However, advertising to two or more of these disparate and siloed ad channels and to enable tracking between offline and online channels, or “omni-channel advertising”, is a complex and costly operation. Our mission is to simplify the increasingly complex digital marketing landscape to help accelerate our customers’ business growth through a data-driven approach. Our flagship product, Knorex XPO™, is a self-service enterprise-grade cloud platform with a comprehensive suite of advertising management and execution (AMX) applications. Our highly differentiated platform empowers marketers to orchestrate omni-channel advertising across the Open Internet, and the Walled Gardens or the Native Platforms owned by the big tech giants, and to streamline and automate manual processes to drive advertising efficiency and performance. XPO enables intelligent automation and scaling, allowing marketers to seamlessly manage and control core mission-critical online advertising processes from a centralized UI, to advertise across a diverse range of ad channels including search, social media, apps, websites, desktop, mobile, smart TVs or connected televisions, streaming devices, and digital billboards. Our AI/ML-powered platform revolutionizes digital advertising management by offering marketers a truly integrated solution for omni-channel orchestration. It seamlessly consolidates the key functions of planning, creation, measurement, monitoring, management, and optimization of advertisements across the world’s leading ad channels, into a singular unified platform. This eliminates the need for marketers to grapple with multiple siloed platforms, creating XPO as an all-encompassing system of record that closes the customer marketing analytics loop. Marketers use XPO to gain access to real-time actionable insights and effectively execute cross-channel and in-channel optimization to drive advertising performance. XPO harnesses the power of AI/ML to ingest vast amounts of real-time data, providing a data-driven solution. XPO integrates data collection, processing, analysis, and advertising delivery to optimize advertising performance through continuous decision-making on budget allocation and advertising placements across various ad channels, platforms, and devices. This systematic data-driven approach enables marketers to effectively target their desired audience at scale across the Internet and native platforms. To help marketers maximize their use of XPO, we provide add-on services including managed activations where we support marketers in launching and monitoring advertising campaigns using XPO. Our professional services further extend our support into technical and business consultation, staff training and technical support, to assist their immediate business challenges. For customers preferring campaign-driven engagements without any long-term platform commitment, we offer managed activations to fully manage end-to-end of their advertising campaigns. Since our inception in September 2009 in Singapore, we have expanded our operation to the U.S., Vietnam, India, and Malaysia, where the U.S. is now by far our largest market. Over the years, we have consistently made substantial investments in research and development, forging robust partnerships with leading media, data, and technology partners across the United States, Europe, and Asia. These efforts have been pivotal in shaping our commercial development and product roadmap as we actively pursue expansion initiatives. Our commitment to excellence has been recognized by our industry partners, including recently being enlisted as a Meta Business Partner and Google Premier Partner (among the top 3% exclusive tier) in recognition of our technical, operation, and business excellence. We were awarded the MarTech Breakthrough Awards for “Best Remarketing Platform” in 2022 and named a Top 10 Marketing Automation Solution Provider in 2021 by MarTech Outlook. To date, our customers primarily comprising marketers from the advertising agencies, have been utilizing XPO to successfully automate and optimize outcomes for over 7,997 advertiser accounts and growing. Spanning diverse industry verticals such as automotive, healthcare, e-commerce, business-to-business, retail, consumer packaged goods, travel and hospitality, our platform has demonstrated its versatility, scalability, and effectiveness in meeting the dynamic demands of various businesses. Our goal is to further expand our business, fostering wider adoption of XPO and extending its benefits to a broader array of customers. Our revenue increased by 24.0% from US$8.7 million for the year ended December 31, 2023 to US$10.8 million for the year ended December 31, 2024, primarily due to increased adoption of our platform given the strong demand from our customers to pursue automation and scaling efficiency. --- We were incorporated in the Cayman Islands on May 9, 2023. The principal executive office of our operating subsidiaries is located at 21 Merchant Road, #04-01 Singapore 058267. Our telephone number at this address is +65 6956 7483. Our principal website is https://www.knorex.com. Our registered office in the Cayman Islands is located at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands. Our agent for service of process in the U.S. is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor New York, NY 10168.
Post-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
Class A Ordinary Shares (listed) 1 vote per share | 22.48M | 82.5% | $89.9M |
Class B Ordinary Shares | 4.78M | 17.5% | $19.1M |
| Total economic shares | 27.26M | 100% | $109.0M |