'Preliminary Unicorn' PlanM Secures 50 Billion Won Pre-IPO Investment

Successful Pre-IPO, Deal Closing Expected by End of Month
POSCO, Hyundai Technology Investment, NH Hedge Asset Management, Shinhan Investment Corp. Participate
Accelerating IPO Plans for Next Year... Major Industrial Accident Remains a Risk

PlanM, a leading company in the domestic modular construction market, has successfully secured an investment of 50 billion won. The company also plans to accelerate its initial public offering (IPO) next year. However, risks such as major industrial accidents remain variables.

According to the venture investment industry on September 24, PlanM completed its pre-IPO funding earlier this week. The deal is expected to close by the end of this month. This is PlanM’s first major fundraising since it raised approximately 49 billion won through convertible bonds (CB) in 2023, marking a return to the market after about two years. In this round, PlanM secured a total of 50 billion won, with its corporate value estimated at around 180 billion won.

The investment was conducted through a multi-closing process. In the first closing, completed at the end of July, the company raised 11.15 billion won. NH Hedge Asset Management invested 7.15 billion won, while Shinhan Investment Corp. and Unid BT Plus each invested 2 billion won. In the second closing, which followed, POSCO Technology Investment (6 billion won) and Hyundai Technology Investment (5 billion won) participated as new investors, while Shinhan Investment Corp. and NH Hedge Asset Management made additional contributions of 3 billion won and 500 million won, respectively.

This funding round was completed despite several complications. At the end of July, while PlanM was actively seeking investors, a fatal accident occurred at one of its business sites, leading some venture capital (VC) firms to put their investments on hold and causing difficulties in securing funds. The due diligence period for some institutions was extended, delaying the deal closing beyond the original schedule. The final fundraising amount, which was initially targeted at up to 80 billion won, was reduced to the minimum of 50 billion won for this reason. The Ministry of Employment and Labor is currently investigating potential violations of the Industrial Safety and Health Act and the Serious Accidents Punishment Act, so the risks have not been fully resolved. A venture investment industry insider commented, "Many institutions were interested, but due to the accident that occurred during the funding process, they were cautious in making investment decisions."

PlanM, founded in 2020, is an eco-friendly modular construction specialist and holds the top market share in the domestic modular construction sector. The company provides a one-stop solution covering all aspects of modular construction, from design and manufacturing to delivery and maintenance, and operates the largest production facility in Korea, located in Eumseong, North Chungcheong Province. In 2024, PlanM recorded sales of 120.8 billion won and an operating profit of 29.1 billion won (operating margin of 24.1%), demonstrating solid profitability. Earlier this month, the company was also named a "2025 Preliminary Unicorn" by the Ministry of SMEs and Startups. PlanM plans to use the funds secured through this pre-IPO round to expand its business and pursue a listing next year. The company has already selected Shinhan Investment Corp. as its lead underwriter and is expediting its IPO preparations.