Promising South Korean AI technology companies are restarting their efforts to go public on the KOSDAQ market. With stricter scrutiny following last year’s “Pado incident,” market attention is now focused on whether these firms can present new success stories that reflect the growth potential of Korea’s AI industry.
AI platform company ACRYL recently submitted its preliminary listing application to the Korea Exchange as part of the KOSDAQ tech-special listing track. ACRYL provides a full-cycle Machine Learning Operations (MLOps) platform that supports everything from AI model development to deployment, training, and performance improvement. The company passed the technical evaluation for a tech-based IPO in March and aims to go public in the second half of this year.
Nota, which specializes in lightweight optimization of AI semiconductors, is also expected to file its preliminary application around May 20. The company earned top ratings of “A, A” in a technical evaluation conducted in December 2023 and aims to fast-track the review process.
The technology-special listing program allows companies to go public based on technical capabilities rather than traditional financial metrics. Firms must pass a technical assessment conducted by external agencies designated by the Korea Exchange.
Since allegations emerged last year that AI storage startup Pado inflated its financials before going public, the Korea Exchange has tightened its listing standards. As a result, some companies delayed or canceled IPO plans. This has led to a trend where AI firms seeking to list must now demonstrate both technological excellence and a baseline level of financial performance.
ACRYL is expanding its domestic and international client base through its flagship platform JONATHAN and its healthcare-specialized AI platform NADIA, which is already being used by public institutions and hospitals in Uzbekistan. Based on its expanding business, ACRYL’s annual revenue jumped to KRW 13 billion in 2024, with expectations to reach KRW 20 billion this year.
Nota is also showing strong results through global collaborations in AI semiconductor optimization. Recently, it signed a deal with the Dubai Roads and Transport Authority in the UAE to supply a generative AI-powered intelligent transportation system (ITS) solution. The company reported KRW 8.5 billion in revenue for 2024 and aims to reach KRW 14 billion this year.
Both companies are demonstrating rapid revenue growth driven by overseas contracts and specialized AI technologies in verticals such as healthcare and semiconductors. If they pass the preliminary review stage, public offerings could take place later this year.
Meanwhile, AI brain imaging firm Neurophet recently received approval for its preliminary listing application submitted in February. The company offers software like Neurophth Aqua AD, designed to monitor the efficacy, side effects, and prescriptions of dementia treatments. Neurophet had previously received an “A, BBB” rating in its technical evaluation and is currently preparing to file its securities registration to proceed with the IPO.
An industry official noted, “The standards for tech-based IPOs are now nearly equivalent to those of traditional listings, including financial performance requirements. While technology remains a critical factor, market conditions in the second half of the year will also play a major role.”
Source: ET News (https://n.news.naver.com/mnews/article/030/0003312512?sid=105)