2,427 institutional investors participated in book-building; demand ratio reached 1,196:1 

99.96% of participants submitted bids at or above the top of the range; 78.2% lock-up commitment rate sets all-time KOSDAQ record 

SEOUL, South Korea, May 8, 2026 —  MakinaRocks, South Korea’s leading Physical AI company, today announced that it has priced its initial public offering at KRW 15,000 per share—the top of its indicative price range—following extraordinary demand from domestic and global institutional investors. The offering drew KRW 30 trillion (approximately USD 20 billion) in total order value and set an all-time KOSDAQ record for institutional lock-up commitments.

The five-day book-building period, held from April 28 through May 6, attracted 2,427 domestic and international institutional investors and generated a demand ratio of 1,196-to-1. Approximately 99.96% of participating institutions submitted bids at or above the top of the indicative price range, reflecting strong conviction in the growth potential of the Physical AI market. 

Most notably, 78.2% of total shares requested came with lock-up commitments of 15 days or longer—the highest lock-up commitment rate in KOSDAQ IPO history. Among participating institutions, 51.6% committed to lock-up periods of three months or more, while 20.5% opted for six-month commitments. Lock-up commitments at this level are widely regarded as a strong signal of long-term institutional confidence, indicating that investors are positioning for sustained exposure to the sector rather than short-term trading gains. 

The strong institutional response reflects growing recognition of Physical AI as a foundational technology for industrial transformation, as well as confidence in MakinaRocks’ differentiated market position. 

“MakinaRocks’ Physical AI is generating measurable outcomes in some of the world’s most demanding operational environments, including automotive, semiconductor, energy, secondary battery, and defense,” said a representative from Mirae Asset Securities, the lead underwriter. “What differentiated MakinaRocks for both domestic and international investors was its proprietary data moat: more than 6,000 AI models deployed in the field and over 25TB of industrial-specific training data accumulated over years across these sectors. This asset base cannot be replicated quickly by new entrants.” 

MakinaRocks develops and deploys Physical AI through Runway, its enterprise AI operating system. Runway serves as the foundational software layer for AI in industrial environments—analogous to the role Windows plays in personal computing—enabling end-to-end AI lifecycle management across development, deployment, and ongoing operations. 

Critically, Runway is designed for environments where many conventional AI platforms cannot operate: fully network-isolated, air-gapped, and security-sensitive environments where data never leaves the facility. This capability has made Runway the platform of choice in industries where operational security is non-negotiable, including defense, semiconductors, and critical infrastructure. 

MakinaRocks is accelerating its transition toward a license-based recurring revenue model, targeting sustainable mid- to long-term profitability alongside continued top-line growth. Since its founding in 2018, the company has achieved a compound annual revenue growth rate (CAGR) of 84% through 2025, driven by growing adoption of Runway. In the first quarter of 2026, new contract bookings reached KRW 7.5 billion, approximately 2.8 times the KRW 2.7 billion recorded in the first quarter of 2025, continuing that growth trajectory. 

IPO proceeds will be deployed across three strategic priorities: 

  • Advancement of the Runway platform 
  • Development of proprietary foundation models 
  • International market expansion 

Japan is MakinaRocks’ first strategic international expansion market, driven by strong demand for AI across advanced manufacturing industries. The company established its Japan subsidiary in April 2025 and has already secured four contracts in the market. 

“We are deeply grateful to the institutional investors who recognized our AI capabilities and growth potential,” said Andre S. Yoon, CEO of MakinaRocks. “Following our listing, we will continue to advance Runway—not just as a product, but as the infrastructure layer powering the next generation of industrial operations. Our ambition is to lead the transformation of the industrial ecosystem and establish MakinaRocks as the defining global Physical AI company.” 

MakinaRocks will open its public subscription to retail investors on May 11–12, with a planned KOSDAQ listing on May 20.