ENKI WhiteHat Files Securities Registration Statement, KOSDAQ Listing Process Gets Underway

ENKI WhiteHat has filed a securities registration statement with the Financial Services Commission to list on the KOSDAQ.

According to ENKI WhiteHat on October 12, the total number of shares on offer is 1.7 million, with an indicative price range of 13,000 won to 16,500 won per share. The expected total offering proceeds are 22.1 billion to 28.05 billion won. The book-building process for institutional investors will take place from November 3 to 9, and the public offering subscription will be held on November 12 and 13. Shinyoung Securities is the lead underwriter.

ENKI WhiteHat is an offensive security company that takes an attacker’s perspective to proactively identify security vulnerabilities in companies and verify whether they could be exploited in real-world attacks. It has expanded its business by embedding the hands-on expertise of professional hackers—including winners of DEF CON and AIxCC competitions and researchers from KAIST—and a proprietary database of approximately 270,000 records of hacker knowledge into its own solutions.

Its flagship solution, OFFen, is an all-in-one security solution that combines attack surface management (ASM), penetration testing as a service (PTaaS), and AI-based automated vulnerability diagnosis. Its core functions are identifying externally exposed IT assets managed by companies, as well as overlooked assets in blind spots, and verifying whether discovered vulnerabilities could be exploited in actual attacks. By connecting asset detection, vulnerability checks, penetration testing, and remediation history management, the solution supports companies’ ongoing security assessments.

Revenue rose 78.4%, from 7.9 billion won in 2024 to 14.2 billion won in 2025. Over the same period, operating profit increased 259.4%, from 1 billion won to 3.5 billion won, while the operating margin rose from 12.2% to 24.5%. The company achieved both revenue growth and improved profitability through increased solution sales, the in-house delivery of contracted services, and improved cost efficiency as revenue grew. As of June 30, 2026, its total order backlog stood at 19.9 billion won, already exceeding the previous year’s revenue, and it forecasts 2026 revenue of approximately 24 billion won.

ENKI WhiteHat CEO Lee Seong-gwon said, "ENKI WhiteHat has grown by turning the hands-on expertise of top-tier white-hat hackers and accumulated data into its own solutions. With our KOSDAQ listing, we will enhance our AI-based security verification technology and the competitiveness of our solutions, and expand our business so that companies in Korea and abroad can proactively respond to cyber threats."

This content was produced with the assistance of AI translation services.