Madup, an artificial intelligence-based advertising solutions company, was up nearly 80% in early trading on its debut day. Madup is a technology company that provides digital marketing solutions based on its proprietary AI engine and data. Rising expectations for its AI solutions are seen driving the flood of orders.
According to the Korea Exchange (KRX), as of 10:13 a.m. Monday, Madup was trading at 14,190 won, up 77.38% from its offering price of 8,000 won. Shortly after the market opened, the stock jumped as much as 181%, at one point more than doubling, before paring gains.
Founded in 2015, Madup is a technology company that provides AI-based digital marketing solutions. Its core asset, the AI digital marketing engine "Lever Expert," combines actual advertising execution data accumulated over 10 years with marketers' decision-making logic to serve as an "AI agent" that judges and acts on its own.
Madup drew strong interest throughout the key stages of its initial public offering (IPO). In the demand forecast for institutional investors, 2,392 institutions participated, resulting in a final competition ratio of 1,396 to 1. All of the total participating volume (including those that did not specify a price) offered prices at or above 8,000 won, the top of the desired band. In the general subscription, 6.6 trillion won in subscription deposits poured in. The subscription competition ratio was 3,305 to 1, the highest among IPOs conducted this year.
"We will use this listing as an opportunity to solidify our core technological capabilities and faithfully execute our mid- to long-term growth roadmap," said Lee Ju-min, CEO of Madup. "We will continue to deliver results while growing into an AI marketing company that sets a new standard for the global marketing market."
