Set to List on May 20 After Raising 13 Trillion Won in Subscriptions
MakinaRocks CI
MakinaRocks, which is set to list on the KOSDAQ market on May 20, is drawing market attention with its initial public offering. The physical AI company secured more than 13 trillion won in subscription deposits from retail investors, setting the largest deposit record of the year.
As investment in artificial intelligence expands, “Physical AI,” specialized for manufacturing and industrial sites, is rising in prominence. Investors appear to have rushed to take part in the offering on the back of that appeal.
Unlike digital AI, such as large language models, or LLMs, which generate text or images, physical AI refers to technology that intelligently controls and optimizes real physical assets such as robot arms, manufacturing processes and power plant turbines. It is similar to the technology highlighted when Hyundai Motor announced “Atlas.”
In August last year, MakinaRocks was also selected as the contractor for a project led by the Agency for Defense Development to establish “MLSecOps (specialized security operations for machine learning) for defense AI weapons systems.”
MakinaRocks’ AI platform “Runway” was the only South Korean company listed in the “AI development platform” category, alongside Scale AI and Hugging Face, on the “Machine Learning Operations Market Map” released in 2024 by U.S. AI analytics firm CB Insights.
Against this backdrop, MakinaRocks accepted public subscription orders from retail investors on May 11-12. Earlier, the company conducted demand forecasting for institutional investors from April 28 to May 6, and the offering price was set at 15,000 won ($10.76), the top end of the proposed range of 12,500 won to 15,000 won.
In particular, a total of 2,427 institutions participated in the bookbuilding for domestic and overseas institutional investors, recording a competition ratio of 1196.1 to 1.
According to the industry on May 13, MakinaRocks raised 13 trillion 8.7222 billion won ($9.95 billion) in retail subscription deposits.
The subscription was handled by Mirae Asset Securities, the lead manager for the listing. For the 658,750 shares allocated to retail investors, orders were placed for 1,859,631,580 shares, with the competition ratio calculated at 2807.8 to 1.
MakinaRocks, meanwhile, is regarded as a leader in the physical AI field, going beyond simple generative AI to optimize physical equipment such as factory facilities and robots. After payment on May 14, it is scheduled to list on the KOSDAQ market on May 20.
Jung Min-hee
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