Second Syndrome Co., Ltd., the operator of the self-storage ‘Mini Warehouse Attic’, is attempting to enter KOSDAQ.
Second Syndrome announced on the 29th that it had selected Shinhan Investment & Securities as the lead manager for its initial public offering (IPO). This IPO is the first case in the domestic self-storage industry.
'Mini Warehouse Attic (hereinafter referred to as 'Attic')' is a self-storage service where customers can use the space they need for the desired period of time in a subscription form, located in an urban shared warehouse near their residence. Second Syndrome creates a pleasant storage environment with an AIoT-based automated operation system and provides a differentiated user experience through a dedicated mobile app.
Since first introducing 'Darak' in 2016, Second Syndrome has been leading the domestic self-storage market, which was previously a wasteland. Currently, it not only maintains an overwhelming number one domestic market share with over 180 'Darak' branches nationwide, but also possesses world-class technology in space operation automation, which it promotes as Intelligent Space.
Second Syndrome is contributing to urban regeneration and improvement of residential environments by applying this space management automation technology to unused idle spaces in urban areas and providing new value. In particular, in collaboration with the Korea Land and Housing Corporation (LH), it is converting semi-basement houses that are no longer inhabited into 'attics', improving the residential life of nearby residents through technology and contributing to stabilizing the local community. In recognition of this innovative use of urban space, it won the Minister of Land, Infrastructure and Transport Award (Grand Prize) at the 2024 'Urban Regional Innovation Awards'.
Second Syndrome recorded sales of 15 billion won last year, growing 25% year-on-year, and is expected to see even higher growth this year. This was possible due to the acceleration of demand for self-storage due to changes in population structure such as the aging population and the increase in single-person households, as well as the increase in income levels, as well as Second Syndrome’s strong automated operation capabilities. Based on the capital secured through the IPO in the future, the company plans to accelerate service advancement and business diversification.
In addition, Second Syndrome is preparing to export advanced operational solutions overseas, targeting the global self-storage market worth approximately KRW 92 trillion. In particular, it is conducting specific discussions with companies in the UK and Japan, including the establishment of local pilot branches.
In addition, we are continuously investing in Vision AI technology that digitizes offline objects to realize the vision of Hyperspace Life.
Second Syndrome CEO Hong Woo-tae said, “‘Attic’ is not just a simple warehouse, but a platform that enriches people’s residential lives and continues to grow,” adding, “Through the KOSDAQ listing, we plan to gain recognition for Second Syndrome’s technological prowess and innovation and advance into a larger market.”
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