This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:54 p.m. on May 7, 2026.
MakinaRocks, an industrial AI corporations seeking another shot at a KOSDAQ listing, will list on the 20th after public subscription on the 11th-12th. It tried to go public two years ago, but as the listing environment deteriorated rapidly, it had to take a "forced" breather. MakinaRocks says it strengthened its fundamentals during this period, but for financial investors (FI), the listing at a valuation similar to two years ago could be disappointing.
According to the investment banking (IB) industry on the 7th, MakinaRocks is receiving institutional investor demand forecasts ahead of subscriptions on the 11th-12th. The top end of the offering price band (12,500-15,000 won) is effectively set.
MakinaRocks applied for a preliminary listing review in 2024 and had prepared to enter the KOSDAQ market. But the process was not smooth. As the FADU incident grew, the Korea Exchange (KRX) tightened its screening for technology special listings. After waiting for the result of the preliminary review that November, MakinaRocks voluntarily withdrew and had to look to the next attempt.
As MakinaRocks' listing was delayed, it went through twists and turns, including lowering its valuation to secure operating funds and receiving reinvestment at the end of that year (end of 2024). Ahead of its first listing attempt, MakinaRocks raised funds in a 2023 pre-IPO round at a recognized valuation of 240 billion won. Considering that IPO valuations are typically set higher than pre-IPO levels, the target market capitalization at the time is estimated to have been in the high-200 billion won range or more.
However, after the 2024 listing fell through and the need to secure operating funds arose, it had to lower its valuation to around 120 billion won, or about half the pre-IPO level, to raise money. It lowered the valuation to secure about 19 billion won in emergency operating capital.
After a reorganization process, MakinaRocks appears set to be valued at a level similar to back then. Based on the upper end of the price band at 15,000 won, the market capitalization comes to about 263.1 billion won. Considering additional fundraising, it is expected to list at a valuation similar to, or lower than, the first pre-IPO investment round.
Of course, as MakinaRocks is an AI corporations drawing hot expectations, there is a strong chance it will show explosive moves from day one. The question is whether FIs can sell in time. Some shares can be sold on the first day, but a considerable portion is locked up under escrow.
In particular, for investors who joined the pre-IPO at the 2023 peak price, the price must stay at or above the offering price for a long period to enable an exit with meaningful returns.
Some investors who preemptively converted redeemable convertible preferred shares (RCPS) to common stock after one failed IPO also could not re-fix, so a high share price is crucial. Generally, when converting RCPS to common stock ahead of listing, a re-fixing clause is included to adjust the issue price based on the offering price. This is a safeguard to ensure at least a minimum return if the listing valuation falls below the investors' entry valuation. However, in the case of earlier investors, they had already converted to common stock during the first 2024 listing attempt, so the re-fixing effect no longer applies.
FIs set most of their lock-up commitments at two months. While AI is drawing a favorable market response, many FIs reportedly set two months, saying they cannot be optimistic about movements a few months later. FIs often set lock-up periods at six months or longer.
A source in the venture capital (VC) industry said, "MakinaRocks' listing plan was delayed by two years, which likely disrupted investors' exit plans," adding, "Some early investors are likely to recoup funds quickly. But as it is an AI corporations, there is a generally positive current of expectations."
MakinaRocks is expressing confidence in targeting the manufacturing and defense markets based on its already broad customer base. It presented a turnaround to profit in 2027 and a target revenue of 100 billion won in 2030, and announced plans to build a mid- to long-term growth base through overseas expansion. A VC industry source said, "Ultimately, whether it can actually achieve its target results will determine the stock price over the medium to long term."