PER, PBR and dividend yield are calculated from the latest confirmed results (EPS, BPS, dividend per share) and the current share price · Prices as of the 2026-11-06 close
Creatz, a North America-centered golf launch monitor maker, posted a 24.0% consolidated operating margin in 2025. Even so, its shares traded well below the IPO price on the first day of listing.
US sales grew almost fourfold, from KRW 23.3 billion in 2022 to KRW 80.2 billion in 2025. With overseas sales above 80% of the total, the business is heavily tied to North America.
Operating profit fell from about KRW 12.9 billion in 2023 to the KRW 1.4 billion range in 2024, then recovered to roughly KRW 25 billion in 2025. The year-to-year swing in profit has been wide.
In the first half of 2026, the company reported revenue of KRW 39.2 billion and operating profit of KRW 2.1 billion. Profitability in that period was far below the 24.0% full-year operating margin of 2025.
In the institutional book-building, 52.2% of bids came in below the bottom of the price band, and 22.3% at or above the top. Shares freely sellable right after listing equaled 39.47% of the planned listed shares.
Management has set out a strategy to extend its hardware-centered model into a subscription model built on an integrated platform. The results of that strategy will have to be checked in future quarterly earnings.
Creatz was founded in 2009 and develops simulation software and AI swing-analysis services on top of its launch monitors, which measure the movement of the golf ball and club.
It carries out most of the value chain in-house, from product planning, R&D and manufacturing to software and AI development, sales and after-sales service. In North America it operates under its subsidiary brand Uneekor, which the company describes as one of three leading brands alongside Trackman and Foresight.
In a January 2025 report, company officials contrasted Uneekor's five models, priced from about USD 2,750 to USD 13,000, with Trackman's single model at USD 25,000 to 30,000.
Domestic sales fell from KRW 38.7 billion in 2022 to KRW 18.8 billion in 2025, while US sales rose from KRW 23.3 billion to KRW 80.2 billion, so more than 80% of revenue now comes from abroad.
Its flagship software services are AI Trainer, which combines launch monitor data with swing video for individual analysis, and GameDay, an online golf game that recreates real courses.
The company is also using the brand and customer base built in the North American home market to target commercial venues such as indoor golf facilities, golf academies and F&B complexes. On the competitive front, FlightScope claims the top share of the North American market.
A 2024 report named Golfzon as a domestic competitor. No verified figure is available for the revenue split between hardware and software, so that point is described only qualitatively.
For 2025, consolidated revenue was KRW 104.2 billion, operating profit was KRW 25.1 billion, and the operating margin was 24.0%. Revenue rose from KRW 80.493 billion in 2023 and KRW 82.634 billion in 2024 to KRW 104.182 billion in 2025. Net income for 2025 was KRW 21.632 billion.
In the first half of 2026, revenue was KRW 39.2 billion and operating profit was KRW 2.1 billion. That half-year operating profit is far below the full-year 2025 figure, so the first quarterly results after listing will be needed to confirm the earnings trend.
The IPO price was set at KRW 15,000, the bottom of the indicated range, after 831 institutions took part in book-building at a 240.46-to-1 subscription ratio. The only lock-up commitment came from one private fund manager, for 5,000 shares over 15 days. One report said the retail subscription ratio was only 6.29 to 1.
On October 30, 2026, shares opened at KRW 12,000, 20% below the IPO price, and fell as low as KRW 9,800 intraday. Yonhap reported a close of KRW 9,360, down 37.60% from the IPO price.
The market data sheet at the time of writing shows KRW 9,010 (39.93% below the IPO price), a market capitalization of KRW 122.9 billion and trading value of KRW 167.4 billion, which differs from the reported closing price.
Early in that session the KOSPI had fallen by more than 3% and the KOSDAQ by nearly 2%, which also weighed on risk sentiment.
The company plans to shift its revenue base from Korea to North America after listing, and to widen its growth axis from hardware to a subscription model on an integrated platform.
Of the IPO proceeds, KRW 7.7 billion is earmarked for acquiring companies in golf simulation software, commercial-market solutions and data analytics. The company also said the funds would go toward expanding global R&D centers and entering new US commercial businesses.
It has local subsidiaries in Japan and the United Kingdom and plans to widen its sales regions to Japan, Europe and Asia-Pacific. A larger share of subscription revenue could reduce the earnings swings tied to hardware sales cycles.
However, no confirmed figure exists for the current size of subscription revenue, so the pace of the transition is hard to judge. The room for margin improvement depends on how far operating margin recovers from the first-half 2026 level toward the 2025 level.
On the supply side, because 39.47% of shares were sellable right after listing, lock-up expiry dates and trading patterns should be checked through filings. In the IPO process, the company priced the offering by applying a discount of more than 50% to an assessed value of KRW 477.3 billion.
US sales grew almost fourfold, from KRW 23.3 billion in 2022 to KRW 80.2 billion in 2025. Consolidated revenue for 2025 rose by about 26% from the prior year. The company describes itself as one of the three leading North American brands alongside Trackman and Foresight.
According to management, a lineup at reasonable price points gave it a base for entering the market as a later entrant.
The 2025 operating margin was high, at 24.0%. Company officials say that designing and manufacturing everything from software to hardware in-house gives it a cost advantage over competitors. The IPO brought in KRW 21.0 billion. Because the offering consisted entirely of new shares, the proceeds add funding for R&D and business expansion.
The company plans to connect installed customers to its software and expand recurring subscription revenue. It is also pursuing commercial venues such as indoor golf facilities, golf academies and F&B complexes.
It aims to secure a growth axis beyond North America by widening sales regions to Japan, Europe and Asia-Pacific. If executed as planned, this could reduce the earnings volatility of a hardware-only sales structure.
Operating profit plunged from about KRW 12.9 billion in 2023 to the KRW 1.4 billion range in 2024 before recovering to roughly KRW 25 billion in 2025. In the first half of 2026, operating profit was only KRW 2.1 billion on revenue of KRW 39.2 billion. It is not yet confirmed whether the high margin of 2025 will repeat. With such wide earnings swings, assessments of the company can shift sharply with short-term results.
By number of bids, 52.2% of institutional bids were priced below the bottom of the band. The 830 bids submitted without lock-up commitments could be sold from the first day of trading. Shares sellable immediately after listing equaled 39.47% of the planned listed shares. In the early listing period, this supply structure can amplify price swings.
More than 80% of total revenue comes from overseas. In particular, about 80% of 2025 revenue came from North America. In the North American launch monitor market, brands such as Trackman, FlightScope and Foresight have led the market.
Heavy reliance on one region and one product category means changes in demand or competition there could affect results.
With overseas sales above 80% of revenue, the company can be affected by North American consumer conditions and exchange-rate moves. Golf equipment is a typical discretionary purchase, so demand could weaken in a slowdown.
On the listing day itself, the KOSPI fell by more than 3% early in the session, which dampened sentiment toward risk assets. Broad market volatility bears directly on the price of newly listed shares.
Because KRW 7.7 billion of the proceeds is planned for acquisitions, the choice of targets and the quality of integration will shape the business transformation. A delay in the shift to subscription revenue could prolong earnings swings tied to hardware sales cycles.
An earlier SPAC-merger listing collapsed amid valuation controversy, and the company withdrew its listing after cutting its target value. Competitors' pricing and new product launches could also affect market share.
Lock-up commitments were limited to 5,000 shares from one institution over 15 days, and the remaining allocation could be traded from the first day. After the offering, CEO Seok Jae-ho and 19 others hold 50.1% of the shares. Changes in holdings by major shareholders and institutions should be checked through filings.
In the early listing period, when trading value is large relative to market capitalization, price swings can widen.
Creatz is a golf launch monitor maker that grew sales in North America and recorded a 24.0% operating margin in 2025. US sales rose from KRW 23.3 billion in 2022 to KRW 80.2 billion in 2025, giving it a structure in which overseas sales exceed 80% of revenue.
On the other hand, operating profit fell to the KRW 1.4 billion range in 2024 and was only KRW 2.1 billion in the first half of 2026, so the continuity of earnings needs to be confirmed.
The IPO combined a price fixed at the bottom of the band, a low retail subscription ratio and almost no lock-up commitments, and the first-day close was 37.60% below the IPO price. No official cause for the decline has been identified in filings, and market conditions and the supply structure were both cited.
The shift to subscriptions, acquisitions and entry into commercial markets are growth plans, but concrete results must be verified through future earnings disclosures. This report is a qualitative summary for information purposes only, and the judgment is left to the reader.
Report written 2026-10-31 · Data as of 2026-10-30
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