AI infrastructure management and operations software company Rableup said on Monday it submitted a securities registration statement to the Financial Services Commission and entered the public offering process for a Kosdaq listing.

NH Investment & Securities is the lead underwriter.

Rableup will offer a total of 2.18 million shares. The indicative price range is 20,000 to 23,000 won per share. The total planned offering amount is 43.6 billion to 50.1 billion won. Book-building for institutional investors runs from Sept. 28 to Oct. 2, while the retail subscription will be held on Oct. 12 and 13.

Rableup's revenue rose to 6.7 billion won in 2025 from 3.0 billion won in 2023, more than doubling in two years. Operating profit was positive for two consecutive years in 2024 and 2025. Rableup plans to use funds raised from the listing for advanced R&D, global market expansion and infrastructure build-out. In line with diversification in the AI accelerator ecosystem, including GPUs and NPUs, it plans to expand support coverage for Backend.AI and accelerate entry into North America, Japan, Southeast Asia, Europe and the Middle East.

Jung-kyu Shin (신정규), Rableup's CEO, said the industry is shifting from an era of “how many GPUs you can secure” to one of “how well you use the GPUs you have secured.” He said the company will use the listing as an opportunity to focus investment on R&D and global sales and aim to become a company that leads the global market in AI infrastructure software.