MakinaRocks Kosdaq IPO: Terms, Valuation & AI Tech

SEOUL, South Korea — MakinaRocks announced terms for its initial public offering on the Kosdaq market on Wednesday, seeking to raise up to KRW 39.5 billion (US$30.3 million).

The company will offer 2.63 million shares at an indicative price band of KRW 12,500 (US$9.60) to KRW 15,000 (US$11.50) per share, according to a regulatory filing.

At the top of the range, the listing would give MakinaRocks a market capitalization of KRW 263.1 billion (US$202.3 million).

The public subscription period is scheduled for May 11–12, following institutional bookbuilding, with trading expected to begin May 20.

Founded in 2017, MakinaRocks develops an enterprise AI operating system called Runway, designed for the manufacturing and defense sectors.

The platform allows clients to develop, deploy, and operate AI models in closed-network, air-gapped environments.

The company said it is the first in South Korea to commercialize Machine Learning Security Operations technology, describing it as a solution for data security requirements in industrial facilities.

MakinaRocks said it has deployed more than 6,000 AI models across the automotive, semiconductor, energy, battery, and defense industries.

Its clients include South Korean conglomerates Samsung, Hanwha, Hyundai, LG, SK, and GS.

MakinaRocks entered the public defense sector in 2025, securing contracts with the Agency for Defense Development and the Joint Chiefs of Staff.

MakinaRocks reported annual revenue of KRW 11.5 billion (US$8.8 million) in 2025, representing a compound annual growth rate of 84 percent since its founding.

The company reported KRW 20.5 billion (US$15.7 million) in new orders in 2025. For the first quarter of 2026, new orders totaled KRW 7.5 billion (US$5.7 million), compared with KRW 2.7 billion (US$2.0 million) during the same period the prior year.

At a press conference in Seoul on Wednesday, Chief Executive Sung-ho Yoon said the company plans to use the IPO proceeds to fund international expansion, with Japan as the initial target market.

MakinaRocks established a Japanese subsidiary in April 2025.

The company said it has signed four contracts in Japan, all with manufacturing corporations reporting annual revenues exceeding KRW 1.0 trillion (US$769.2 million).