MakinaRocks, an artificial intelligence (AI) startup seeking to list on KOSDAQ, has begun the initial public offering process.
According to the financial investment industry on the 25th, MakinaRocks submitted a securities registration statement to the Financial Supervisory Service that day, kicking off the offering process. It comes about four months after the company filed for a preliminary listing review in Nov. last year.
MakinaRocks plans to offer a total of 2,635,000 shares in the listing. The desired price range is set at 12,500–15,000 won, putting the estimated offering amount at about 32.9 billion–39.5 billion won.
MakinaRocks launched in 2017 as an industry-specialized AI startup that helps improve manufacturing process efficiency. In particular, in the field of "AI-based design and optimization," it holds the second-largest number of patents in Korea after Samsung Electronics.
The company suggested a post-listing valuation of up to 263.3 billion won. It is pursuing a technology special listing for companies without realized profits, deriving its corporate value by applying a 32.9 times price-earnings ratio (PER) multiple to its 2028 net income forecast.
Yun Seong-ho, CEO of MakinaRocks, said, "MakinaRocks has rigorously verified real-world operability in harsh physical environments such as air-gapped factories and vehicle electronics, proving an irreplaceable value."
Meanwhile, MakinaRocks plans to begin book-building for institutional investors starting on the 28th of next month. It then plans a retail subscription in mid-May. Mirae Asset Securities is leading the underwriting.