Nearthlab, a maker of autonomous drones using physical artificial intelligence to control machines in the real world, fell 30.46% on its KOSDAQ debut to close at 28,650 won, or 12,550 won below its 41,200-won IPO price. The stock briefly rose to 42,000 won after opening before reversing to its intraday low; it was trading at 32,000 won, down 22.33%, at 2:14 p.m. before losses widened. Demand had been strong, with 1,795 institutions producing a bookbuilding ratio of 743.5 to 1 and retail subscriptions reaching about 530 to 1, drawing roughly 2.5 trillion won in margin deposits. The IPO raised approximately 37.5 billion won ($27.1 million), implying a market capitalization of about 238 billion won ($172.1 million). Nearthlab developed autonomous-flight technology for wind-turbine inspections before expanding into defense in 2024, building references for its Kyden counter-drone hard-kill solution and Zayden swarm-strike solution through exports to Singapore and the United Arab Emirates and rapid demonstration programs with South Korea's Defense Acquisition Program Administration. Analysts say the upper-end IPO pricing and profit-taking, amid liquidity concentrated in large-cap stocks and select themes, intensified pressure on the newly listed small-cap stock. Gido Industry, which listed on the KOSDAQ on the 21st, also fell 34.58% on its debut.