EV charging infrastructure company Chaevi cleared the preliminary listing review by the Korea Exchange (KRX) after a seven-month wait. MakinaRocks, which reapplied for the preliminary listing review following last year, was also approved this time.
The KOSDAQ Market Division of the Korea Exchange (KRX) said the KOSDAQ Market Listing Committee held on the 27th approved the preliminary listing reviews of Chaevi and MakinaRocks.
Chaevi is the No. 1 operator in Korea that handles everything from manufacturing EV chargers to installation and operation (CPO). It applied for a preliminary listing review in July last year. But the review had been delayed as concerns arose that the company's growth and profitability were uncertain due to the recent stagnation in EV demand (chasm). In fact, in 2024 Chaevi's operating loss on a consolidation basis was tallied at about 27.5 billion won.
However, it appears to have won approval from the Korea Exchange (KRX) on the grounds that it met the special listing requirements, including a 20% growth rate in sales over two years and a market capitalization of at least 100 billion won.
MakinaRocks, which was approved together for the preliminary listing review, also went through twists and turns, having voluntarily withdrawn once last year. MakinaRocks is considered a first-generation industrial specialized AI company.
MakinaRocks was founded in 2017 by CEO Yun Seong-ho, a former SK Telecom data scientist, together with CEO Lee Jae-hyeok from the same company. MakinaRocks is securing major Korean corporations as clients by leveraging its manufacturing process optimization technology using AI.
For Chaevi, KB Securities, Samsung Securities, Daishin Securities, and Hana Securities are jointly leading the listing, while for MakinaRocks, Mirae Asset Securities served as the underwriter.