This article was posted on the ChosunBiz MoneyMove (MM) site at 3:53 p.m. on Jan. 22, 2026.
Bearing specialist NBR Motion has seen a string of exits (profit-taking) by financial investors (FIs) since it listed on the KOSDAQ on the 14th. Even FIs that made early investments find it hard to call their returns a windfall, but rather than hold out for larger gains they are actively placing sell orders. NBR Motion appears to face a large overhang (potential sell volume) risk because of a high FI equity ratio.
The investment banking (IB) sector said on the 22nd that SBI Investment KOREA, Axis Investment, IBK Stonebridge and others that participated as FIs in NBR Motion disposed of most of their non-lockup shares on the 14th.
SBI Investment KOREA, which held the largest FI stake, sold all 627,000 non-lockup shares it held through the SBI Growth Strategy M&A Fund on the market. The selling price per share was 14,634 won, allowing it to recover about 9.2 billion won. SBI Investment KOREA had invested 9.5 billion won in 2018 to secure 1.9 million NBR Motion shares. It focused on recovering most of its initial investment on the first day of listing.
Axis Investment, which held the next largest stake, put all 462,990 non-lockup shares it held through Starquest-Axis-Pacific Capital New Technology Investment Association No. 1 on the market. IBK-Stonebridge Innovation Growth Private Equity Partnership and Alice-Hana S&B Small Materials and Parts New Technology Investment Association also actively recovered investments, selling 220,000 shares and 198,000 shares respectively.
NBR Motion was founded in 2011 and listed on the KOSDAQ on the 14th through a merger with Mirae Asset Vision Acquisition Corp. No. 3 SPAC. Centered on automotive bearings, it plans to expand into advanced bearings for robots and precision material components. Recently it attracted attention after reports said it was supplying parts for Tesla's robo-taxi project.
However, the stock's movement has been somewhat disappointing. NBR Motion, which listed at a reference price of 13,630 won, hit the daily limit up on its first day and then rose for four consecutive trading days. It briefly reached 27,200 won on the 19th but has since weakened. As of the close on the 22nd, NBR Motion's stock price was 18,360 won.
Industry sources point to overhang concerns as a factor weighing on NBR Motion's stock. With FIs actively exiting, there is a view that the volumes subject to future lockup expirations will also be released into the market.
Notably, major FIs holding more than 3% of equity own 54.17% of NBR Motion. Looking at the shares they can sell by lockup period: 1 month 13.57%, 3 months 9.15%, 6 months 10.3%, and so on. However, all of the six-month lockup shares are subject to a joint holding purpose agreement, which grants CEO Moon Du-seong a right of first refusal if they are sold.
A venture capital industry source said, "Because non-lockup shares were released into the market in full from the first day of listing, most of the remaining locked-up shares are likely to be released into the market immediately as well," adding, "For the time being, stock movements reflecting overhang concerns are likely to appear."