Madup, a global artificial intelligence (AI) marketing company, said Wednesday it had set its initial public offering (IPO) price at 8,000 won, the top of its target range, following a demand forecast survey of domestic and overseas institutional investors.
A total of 2,392 institutions participated in the demand forecast, producing a final subscription ratio of 1,396 to 1. Based on the confirmed offering price, Madup's total offering amount is 16 billion won, and its market capitalization after listing is expected to reach 150 billion won. All of the total participating volume, including bids without a specified price, was placed at or above the top of the band of 8,000 won.
Founded in 2015, Madup is a tech company that provides digital marketing solutions based on advertising execution data and its proprietary AI engine. Its core asset, the AI digital marketing engine "LEVER Xpert," combines more than 1 trillion won worth of actual advertising execution data accumulated over 10 years with the decision-making logic of top-tier marketers, serving as an "AI agent" that judges and optimizes on its own.
Madup plans to conduct its general subscription on the 23rd and 24th of this month before listing on the KOSDAQ market on Nov. 1. The company plans to concentrate the offering proceeds secured through the listing on facility investment and recruitment to advance its AI agent LEVER Xpert, global market expansion centered on its North American subsidiary, and the growth of solution-based revenue. The lead underwriter for the listing is Mirae Asset Securities.
"We are grateful to the investors who have recognized the value of the AI agent technology that Madup has accumulated," said Lee Joo-min, CEO of Madup. "Using the listing as an opportunity, we will further solidify our 'data flywheel' structure, our core technological capability, and faithfully execute our medium- to long-term growth roadmap."
