Maxst, Not Selling Even After Ttasant... The Majesty of New Metaverse Stocks

[Asia Economy Reporter Hyungsoo Park] Maxst recorded a 'Ttah-sang' on its first day of listing.

At 9:09 a.m. on the 27th, Maxst's stock price rose 30% from the opening price to 39,000 KRW. The market capitalization exceeds 330 billion KRW. The trading volume is only 1.4 billion KRW, and the buy order backlog reaches 15.7 million shares. It appears that public offering investors are not selling, expecting further price increases.

Maxst, operating an augmented reality (AR) software development platform, was listed on the KOSDAQ market with a public offering price of 15,000 KRW. The opening price started at 30,000 KRW, double the public offering price.

Founded in 2010, Maxst independently developed core AR technologies. Currently, over 12,000 developers in 50 countries use Maxst's AR development platform, 'Maxst AR SDK,' to develop more than 6,900 AR-related apps. Maxst is conducting various AR solution projects with major Korean companies such as Hyundai Motor, Samsung Electronics, and Daewoo Shipbuilding & Marine Engineering. Last year, it launched 'Maxwork,' an AR solution for small and medium-sized enterprises, focusing on smart factory manufacturing innovation projects.

Since 2019, Maxst has been developing core technology for VPS (Visual Positioning Service), which combines AR and artificial intelligence (AI). Last year, it was selected for a national project by the Ministry of Science and ICT and is preparing the spatial-based AR content business 'VPS Platform and AR Navigation Service.'

As a new growth engine, Maxst is preparing a metaverse platform business. In early May, Maxst was selected as the lead company for the 'Extended Reality (XR) Metaverse Project,' a digital new deal project led by the government with participation from private companies.