Gogolook, formerly known as "Walking and Watching-Creation" (stock code: 6902), is making headlines with its upcoming transition from the Emerging Stock Market (ESM) to the main board of the Taiwan Stock Exchange. This strategic move coincides with a cash capital increase, issuing 3,325 new shares. Of these, 2,827 shares will be offered through a competitive bidding process and a public offering, with the bidding period running from April 30th to May 5th.
The Details of the Capital Increase and Listing
The new share issuance will be conducted at a premium. 80% of the publicly offered shares (2,262 shares) will be allocated via a competitive auction, with a floor price of NT$50 per share. The remaining 20% (565 shares) will be distributed through a public offering. The public offering price will be capped at 1.3 times the minimum subscription price, tentatively set at NT$65 per share. The company is slated to officially list on the main board on May 16th. Given Gogolook's closing price of NT$105.5 per share the week prior to the announcement, the auction floor price and the tentative offering price represent a significant discount, approximately 50% to 60%.
The auction floor price was determined based on a formula: the simple arithmetic average of the closing prices of the 30 trading days preceding April 25th, capped at 70% of that average. This resulted in the NT$50 floor price. Successful bidders will be required to purchase shares at their respective bid prices.
The public offering will commence on May 6th. If the total number of shares awarded through the competitive auction equals the number of shares offered, the public offering price will be determined by the weighted average of the successful bids, capped at 1.3 times the minimum subscription price – the aforementioned NT$65.
Gogolook's Position in the Market: A Pure-Play AI Software Company
Gogolook holds a unique position in the Taiwanese market. As the first new economy software company listed on the ESM, its upcoming transition to the main board will make it Taiwan's first pure AI software company to make the move. This represents a significant milestone for the company and a vote of confidence in its business model.
Financial Performance and Future Outlook
Gogolook reported consolidated revenues of NT$867 million in 2024, a 12% year-on-year increase, setting a new historical high. This represents a remarkable five-year compound annual growth rate (CAGR) of 44%. Furthermore, its gross profit margin consistently hovers around 90%, aligning with the industry benchmark for pure software companies.
The company’s optimistic outlook for 2025 is grounded in the escalating global demand for cybersecurity and anti-fraud services amidst increasing geopolitical and economic instability. This heightened demand will serve as a catalyst for the expansion of Gogolook's three core business segments: consumer anti-fraud, enterprise anti-fraud, and fintech services. The inherent characteristics of the software industry – low cost increases relative to revenue growth – mean that Gogolook, once it reaches a critical mass, will be able to leverage AI technology for further operational efficiency improvements.
As a pure software company, Gogolook is largely insulated from the direct impact of trade wars and tariffs. In fact, the company anticipates that global political and economic uncertainties will only strengthen market demand for its cybersecurity and fintech solutions. 2025 is projected to be a year of robust, sustainable growth and profitability, marking a new peak in the company's long-term financial performance and shareholder value.
Gogolook's Diverse Product Portfolio and Global Reach
Founded in 2012, Gogolook leverages its proprietary anti-fraud database and AI technology to deliver innovative solutions across various sectors. Its flagship product, the Whoscall personal digital anti-fraud app, boasts over 100 million downloads globally, with a significant user base in Japan, South Korea, Thailand, Malaysia, Hong Kong, the Philippines, and Brazil.
Gogolook's AI technology development rests on a comprehensive global communication and digital anti-fraud database that includes phone numbers, websites, and cryptocurrency wallet addresses. The company's portfolio also includes ScamAdviser, a Dutch-based enterprise anti-fraud solution acquired in 2024, and Kangaroo Finance, Taiwan's leading consumer finance platform. This diversification, with nearly 50% of revenues coming from overseas markets across Southeast Asia, Northeast Asia, and the Americas, provides a robust foundation for future growth.
Strategic Initiatives Driving Growth
Gogolook's growth strategy is built on three pillars:
1. Continuous Investment in AI Anti-fraud Technology Innovation
Gogolook consistently invests in research and development to refine its AI-powered anti-fraud technology. This commitment is evident in the rapid growth of Whoscall's monthly active users (MAU) in Thailand, which has now surpassed its Taiwanese user base to become the largest market. The company's "Taipei-Bangkok dual headquarters" initiative, launched in 2024, is a testament to its dedication to expanding its footprint in the vast Southeast Asian market of 700 million people.
Gogolook is also deepening its partnerships with international organizations, governments, and major corporations, with promising early results in the Philippines. Strategic partnerships with Globe Telecom, a major Philippine telecommunications provider, and Rizal Commercial Banking Corporation (RCBC) will significantly increase the reach of Whoscall in the Philippine market.
2. Aggressive Expansion of Overseas Markets
The acquisition of ScamAdviser has proven synergistic, contributing to revenue growth and accelerating Gogolook's expansion into the European and American markets. ScamAdviser's anti-fraud technology is already being utilized by numerous companies in Europe and the Americas across e-commerce, cybersecurity, and social media sectors. Partnerships with global tech giants like Google further solidify its position in the international market. Furthermore, the increasing global emphasis on combating fraud, coupled with legislation holding companies accountable for fraud-related financial losses, is driving demand for Gogolook's enterprise anti-fraud solutions. The Watchmen solution has been formally adopted by the Taiwan Stock Exchange, while increased engagement from financial institutions and governments underscores the growing acceptance of its services.
3. Fintech Expansion and Diversification of Revenue Streams
Gogolook's fintech venture, Kangaroo Finance, launched in 2020, has rapidly become Taiwan's leading consumer finance platform, leveraging AI technology and social media engagement. The company’s innovative service, "JUJI Zhaocai Maji," further demonstrates its success in the vertical financial sector, building a fintech subsidiary based on its core anti-fraud foundation. The focus in 2025 will be on enhancing the conversion of platform traffic into revenue and optimizing customer acquisition efficiency.
Long-Term Vision and Commitment to Excellence
Gogolook plans to continue its innovation across personal cybersecurity, enterprise anti-fraud, and inclusive fintech. The long-term goals include outperforming global industry averages in terms of growth, maintaining exceptional investment efficiency, and pursuing continuous revenue and profit growth. The aim is to achieve substantial growth in profitability and become a global leader in digital trust. The company remains committed to fostering a culture of openness and innovation, attracting top talent, and delivering exceptional user experiences.
This comprehensive strategy positions Gogolook for sustained growth and success, solidifying its role as a key player in the evolving landscape of digital security and financial technology. The upcoming main board listing marks not just a milestone, but a springboard for future achievements. The discounted offering price presents an attractive opportunity for investors seeking exposure to a high-growth, innovative technology company with strong fundamentals and a compelling growth trajectory. The company's resilience to external economic factors, coupled with its proven ability to adapt to market shifts, positions it well to capitalize on emerging opportunities and continue its impressive growth trajectory.