Industrial AI software firm draws W14tr in orders ahead of Wednesday's stock debut (MakinaRocks) MakinaRocks, a Korean industrial artificial intelligence company, is set to debut on the Kosdaq on Wednesday in one of the junior bourse’s most closely watched IPOs this year, testing whether investor enthusiasm for AI can expand beyond semiconductor giants into smaller software firms.The company attracted about 14 trillion won ($9.4 billion) in retail subscription deposits, placing it among the strongest Kosdaq IPOs on record. Institutional demand was also robust, with lock-up commitments reaching one of the highest levels seen on the Kosdaq.Founded in 2017, Makinarocks develops industrial AI software for manufacturing, defense and other sectors, helping companies build and manage machine-learning models using factory and operational data.“The company is focused not on general-purpose AI, but on industrial AI designed for closed-network environments,” said Shin Eun-jung, an analyst at DB Financial Investment.Its flagship platform, Runway, manages the full AI deployment process, from data collection and model development to monitoring. Customers include Samsung, Hyundai Motor, LG Electronics, Applied Materials and ASM.At its IPO price of 15,000 won per share, Makinarocks is valued at around 260 billion won. According to DB Financial Investment, 36 percent of last year’s revenue came from Runway and 64 percent from AI consulting.The listing comes amid a powerful AI-driven rally in Korea’s stock market, though gains have been concentrated in large-cap chipmakers such as Samsung Electronics and SK hynix. While the Kospi has surged nearly 90 percent this year, the Kosdaq has risen about 20 percent.Analysts say a strong debut by Makinarocks could provide the Kosdaq with a rare industrial AI software play tied to actual commercialization rather than speculative AI themes.IBK Securities estimates the global enterprise AI software market targeted by Makinarocks could expand from 58.3 trillion won to 228 trillion won by 2030.“Many AI companies exist in Korea and overseas, but few provide realistic earnings guidance,” said IBK Securities analyst Lee Geon-jae, adding that Makinarocks is expected to turn profitable from 2027 as customer lock-in in manufacturing and defense supports growth.“For now, the key will be whether the company can execute its earnings targets after listing,” said Shin.