Twinny sells 1.38 million new shares at KRW 14,355 ahead of a KOSDAQ listing, pricing the AMR maker near KRW 204bn

Twinny, the Daejeon maker of NarGo autonomous mobile robots for warehouse picking, priced new shares at KRW 14,355 apiece in three third-party allotments this summer, according to board-resolution notices on the company's website. On Aug 11 the board approved 1,000,808 common shares with payment due Aug 26, on Aug 13 a further 348,310 shares with payment due Aug 28, and on Sept 7 another 27,864 shares, issued because state credit guarantor Korea Technology Finance Corporation exercised an investment option, with payment due Sept 22. Each notice says the money is operating capital to improve the financial structure and strengthen the business. The notices do not name the buyers.

What the notices add up to

At the issue price, the three allotments come to about KRW 14.37 billion, KRW 5.0 billion and KRW 0.40 billion, or KRW 19.8 billion in total. The first tranche matches the KRW 14.4 billion pre-IPO round that Korea Economic Daily reported on Sept 14, citing the investment industry, at a post-money valuation of KRW 204.4 billion. The company's own share count gives the same answer: the Sept 7 notice lists 14,202,754 shares before that issue, so 14,230,618 shares after it, which at KRW 14,355 values the company at about KRW 204.3 billion. That is a MEKAWIRE calculation from the notices, not a valuation Twinny has disclosed.

A 70% step-up in six months

Korea Economic Daily put Twinny's Series C valuation in March at KRW 120 billion, which makes the new price about 1.7 times the March level. AI Times reported on March 13 that the KRW 20.4 billion Series C was led by Atto Investment, with KT Investment, SL, Gravity PE and SECO Seojin Automotive also investing. Money Today put cumulative funding at about KRW 73.4 billion after the pre-IPO round. Twinny passed the technology evaluation for a KOSDAQ special listing in August and is aiming to list in the first half of 2027, Korea Economic Daily reported, adding that Twinny said its robots had been supplied to more than 20 logistics centres and that it began exporting to the US this year. None of those operating figures appears on a Twinny page, so they remain the newspaper's account.

How it compares

The price sets Twinny apart from most Korean robotics rounds in the MEKAWIRE database, which rarely disclose a valuation. Holiday Robotics' $105 million Series A in July 2026 is the largest Korean robotics round we record this year; Hurotics' KRW 25 billion Series A, reported on Oct 15, is the most recent. Twinny's pitch to investors is that its NarGo robots localise with 3D lidar and need no floor markers or QR codes, which lets them work in existing warehouses rather than only purpose-built ones.

What to watch

A KOSDAQ preliminary listing application is the next filing to watch; its prospectus would disclose the investors behind the summer allotments, revenue and the valuation the underwriters attach to the NarGo business.