Physical AI corporations MakinaRocks set the top end of its IPO price range through a book-building process for institutional investors.
MakinaRocks said on the 8th that in the book-building conducted from on the 28th of last month to on the 6th of this month for institutional investors, it posted a competition rate of 1,196.1 to 1 and set the offering price at 15,000 won.
A total of 2,427 institutional investors at home and abroad participated in this book-building. About 99.96% of all participating institutions submitted bids at or above the top end of the price band (including no-price bids). The total order amount reached about 30 trillion won.
In particular, 78.2% of the total shares requested came with a lockup commitment of at least 15 days. This is the highest lockup commitment ratio ever by KOSDAQ market standards. Commitments for lockups of at least three months were 51.6%, and participation in six-month long lockups was 20.5%.
A Mirae Asset Securities official from the IPO underwriting team said, "Interest from institutional investors at home and abroad was very high because MakinaRocks' physical AI is delivering tangible results in the field," and "In particular, the industry-specialized data asset of more than 25TB accumulated by applying more than 6,000 AI models in the field was positively evaluated as a core competitive edge that widens the gap with latecomers."
MakinaRocks is a corporations that implements physical AI based on its enterprise AI "Runway." Runway is foundational software that runs AI in industrial sites like the Windows operating system (OS), and it supports integrated management of the entire cycle, including development, deployment, and operations, even in closed networks disconnected from external networks.
MakinaRocks plans to use the funds secured through this listing for advancing the Runway platform, developing its own foundation models, and overseas expansion.
MakinaRocks established a Japanese subsidiary last year and is moving to mount a full-fledged push.
MakinaRocks CEO Yun Seong-ho said, "We thank the institutional investors who highly valued our AI competitiveness and revenue growth potential," and "After listing, we will innovate industrial sites through the steady advancement of Runway and leap forward as a global physical AI corporations that leads changes in the industrial ecosystem."
MakinaRocks attempted to go public once in 2024, but voluntarily withdrew as the FADU incident raised the bar for technology-special listing. After shoring up fundamentals for two years and retrying the listing, it appears to have been able to secure a reasonable valuation.
MakinaRocks plans to take subscriptions from retail investors over two days on the 11th and 12th, and to list on the KOSDAQ market on the 20th.