Praxis, after waiting 8 years, is nearing an exit from Madup

▤ Summary

Madup is preparing for a Kosdaq IPO, and its backer Praxis Capital is lining up an exit after an eight-year hold. The offering is priced at the top of the range, with a deal size of 160 billion won and an implied market value of about 150 billion won. Madup sells AI-based digital marketing services that use ad data from major platforms such as Naver, Kakao, Google, and Meta to improve campaign performance. Praxis can sell part of its stake soon after listing, while the rest unlocks in stages over the following months. The deal could produce more than a 4x return depending on post-listing share performance.

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