The initial public offering (IPO) market in the first week of May will maintain a quiet flow, with only one retail subscription and one demand forecast scheduled. The overall offering market is taking a breather this week, which includes the Children's Day holiday closure.
According to the financial investment industry on the 4th, Poled will conduct its retail IPO subscription this week, while MakinaRocks wraps up its demand forecast. With no large deals on the calendar, only a limited schedule will be carried out.
Poled, which completed its demand forecast last week, will conduct retail subscriptions on the 4th and 6th. The lead underwriter is NH Investment & Securities. In the earlier institutional demand forecast, 2,372 institutions participated, recording a competition ratio of 1,486.66 to 1, and the offering price was set at 5,000 won, the top of the indicative range of 4,100 to 5,000 won. The mandatory holding commitment ratio came in at 66.06% on a case basis and 67.24% on a volume basis.
The number of shares offered is 2.6 million, with a total offering size of approximately 13 billion won ($9.6 million). The retail subscription volume stands at 650,000 to 780,000 shares. After the subscription, Poled plans to list on the KOSDAQ market on the 14th of this month.
Poled manufactures and sells infant products such as car seats, bottle sterilizers, and formula makers, and has rapidly expanded in scale since its founding in 2019. Revenue grew from about 7.2 billion won in its early days to around 80 billion won last year, while operating profit and net profit reached 10.4 billion won and 8.3 billion won, respectively, marking sharp year-on-year increases. The proceeds will be used to acquire a logistics center in the metropolitan area and for research and development (R&D).
MakinaRocks, an industrial artificial intelligence (AI) firm, has been conducting its institutional demand forecast since April 28 and will close it on the 6th of this month. The indicative price range is 12,500 to 15,000 won. Founded in 2017, MakinaRocks posted consolidated revenue of 11.5 billion won last year. However, it recorded an operating loss of 8 billion won and a net loss of 13.8 billion won last year, continuing a pattern of deficits. The company aims to turn a profit based on its technological capabilities, including participation in the AI weapons systems project of the Agency for Defense Development (ADD).
Depending on the demand forecast results, MakinaRocks plans to conduct retail subscriptions on the 11th and 12th of this month and pursue a KOSDAQ listing on the 20th. The expected number of listed shares is 1,744,024, of which 5,477,016 shares held by the largest and second-largest shareholders are subject to a mandatory three-year holding period after listing. Excluding these, the number of shares available for immediate circulation after listing is 6,745,207 (38.48%).
Meanwhile, the IPO market has shown a quiet flow this year. First-quarter offering volume was 796.8 billion won ($588 million), less than half of the 1.86 trillion won recorded in the same period last year. During the period, K Bank's offering amount (498 billion won) accounted for more than 60% of the total, highlighting a deepening concentration on a few large deals.
