Physical artificial intelligence (AI) corporations MakinaRocks hit a "dda-ddable" (four times the offer price) on its first day of KOSDAQ listing on the 20th.
As of 9:17 a.m. that day on KOSDAQ, MakinaRocks was in transaction at 60,000 won, up 45,000 won (300%) from the offer price (15,000 won).
MakinaRocks is corporations that implements physical AI based on the enterprise AI operating system Runway. Runway is the foundational software that runs AI on industrial sites, like Windows on a PC.
The company will accelerate a shift to a license-centered recurring sales structure led by Runway, securing mid- to long-term profitability alongside revenue growth.
Earlier, MakinaRocks set a new 2026 record for largest subscription deposits, logging a 2,807.8-to-1 competition rate, 546,153 subscription orders, and about 13.8722 trillion won in subscription deposits in the public subscription held on the 11th to 12th of this month.
On Apr. 28 to May 6, 2,427 domestic and overseas institutions joined the book-building, recording a 1,196.1-to-1 competition rate. A total of 78.2% of the requested shares came with lockup commitments of at least 15 days, the highest lockup rate in KOSDAQ IPO history, and the offer price was set at the top end of the desired band at 15,000 won.
The secured IPO proceeds will be used for core research and development activities such as advancing the Runway platform and developing an in-house foundation model, as well as overseas expansion. In particular, it plans to use the Japanese market, which has high AI demand based on manufacturing, as a bridgehead to accelerate global expansion. MakinaRocks established a Japan subsidiary in Apr. 2025 and has signed four contracts to date, expanding its presence in Japan.