NRB

What NRB does

NRB (엔알비) is a South Korean relocatable building (RB) specialist and modular construction company, founded in October 2019 and headquartered in Gunsan, Jeollabuk-do. The company designs, manufactures, and installs factory-built modular buildings for Korean public-sector buyers, primarily in the education (schools and dormitories), public housing, and defense (military barracks) segments. NRB operates Korea's largest single-site modular factory (102,480 sqm site area, 17m ceiling height), and in late 2025 added a third factory site (NRB Factory 3) bringing the total modular production footprint to approximately 74,000 pyeong. The company went public on KOSDAQ in July 2025 (ticker 475230), becoming the first listed modular construction company in Korea.

The company's core technology centers on two structural systems: a steel-frame modular system and a precast concrete (PC) Ramen-Frame modular system, both produced 99% in factory. NRB was the first Korean firm to apply PC Ramen-Frame structure to modular construction, and in August 2025 received MOLIT industrialized housing certification for the system for apartment buildings up to 30 stories (the highest in Korea, versus the prior 12-story steel-frame limit). Product lines include Bridge School I (steel modular classrooms, temporary), Bridge School II (PC modular classrooms, permanent), Bridge Stay (dormitories), Bridge Camp (military barracks), and Bridge Home (residential apartments). The company holds 29 modular construction patents, 21 steel house patents, and 9 relocatable modular patents, and reports over 90% reusability of its relocatable products through multiple relocation cycles.

NRB's business model is a B2G (business-to-government) motion operating through Korean public procurement channels, including the Public Procurement Service (조달청), KONEPS catalog contracts, two-stage public bidding, and direct negotiated contracts. Revenue is generated from three streams: modular building sales (manufacturing and sales), modular building rental/leasing, and large-scale public housing project contracting. Reported 2025 consolidated revenue was KRW 596 billion (approximately 8.3x growth from KRW 72 billion in 2021), with KRW 46 billion in operating profit. Anchor customers include Korea Land and Housing Corporation (LH), Gyeonggi Housing Corporation (GH), the Ministry of National Defense, and multiple provincial and metropolitan education offices. In Q1 2026, manufacturing and sales revenue (53.55%) exceeded rental revenue for the first time, indicating a strategic shift from a rental-dominant to a sales-dominant revenue mix.

Name

NRB

Legal name

(주)엔알비 NRB Inc.

Website

https://and-rb.com

Company type

Public

Founded year

2019

Operating status

Ipo

Headcount range

51–100 employees

Short description

NRB is a South Korean modular construction company that designs, manufactures, and installs relocatable steel-frame and precast concrete buildings for government, education, and defense clients, operating Korea's largest single-site modular factory and listed on KOSDAQ.

Ownership category

akta.pro rank

Product category

Modular Construction (Prefabricated Relocatable Buildings)

NAICS

Structural Steel and Precast Concrete Contractors (23812), Commercial and Institutional Building Construction (23622)

SIC

Prefabricated Metal Buildings & Components (3448)

akta.pro primary industry

Modular/Offsite General Contracting & Installation (IMAFAAAK)

akta.pro secondary industries

Residential Modular & Prefabricated Home Construction (IMAFABAF), Modular/Prefabricated Classroom Buildings & Installation (EDAEABAH), Residential Manufactured Housing Setup & Installation (IMAFABAG)

Keywords

• Modular construction
• Relocatable buildings
• Prefab modular structures
• Factory-built housing
• Modular school buildings

Headquarters

HQ city

Jeongok

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Modular Building Sales (Manufacturing & Sales): Sale of modular buildings including Bridge School, Bridge Camp, Bridge Stay, and Bridge Home products to government agencies, educational institutions, and defense sector. The company achieved its first year where manufacturing and sales revenue (53.55%) exceeded rental revenue in Q1 2026, signaling a strategic shift from rental-dominant to sales-dominant business model.
2. Modular Building Rental/Leasing: Rental of modular buildings primarily to schools and public institutions through Public Procurement Service catalog contracts, negotiated contracts, and two-stage bidding processes. Previously the dominant revenue stream, now being supplemented by sales.
3. Project Contracting for Public Housing: Contracting for large-scale public housing projects including LH Uiwang Chopyeong (22-story, 381 units, KRW 83 billion), Hanam Gyosan A1BL (25-story+, 400+ units, KRW 83.7 billion), and military barracks/living quarters projects. Services span from design through installation.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

NRB designs, manufactures, and installs high-performance relocatable modular buildings, including schools (Bridge School I steel and Bridge School II PC concrete), dormitories (Bridge Stay), military barracks (Bridge Camp), and residential apartments (Bridge Home). The company uses steel-frame and precast concrete (PC) Ramen-Frame modular systems, producing 99% of units in its factory and offering a one-stop service from planning and design through manufacturing, installation, and after-sales maintenance. Its products are sold or leased primarily to public sector buyers in South Korea.

Product overview

NRB (Enアル비, 株) is Korea's first relocatable building (RB) company, specializing in high-performance movable modular construction. The company's product portfolio centers on the Bridge brand, which spans four distinct product lines: Bridge School I (steel modular classrooms), Bridge School II (PC/rigidity-frame concrete modular classrooms), Bridge Stay (concrete modular dormitories), Bridge Camp (military facilities), and Bridge Home (residential apartments and houses). All products are built using either steel-frame or PC (precast concrete) Rahmen-frame structural systems, manufactured 99% in NRB's factory with 90%+ reusability. NRB's Circular Modular Business model — built on the 3R principles of Relocatable, Reuse, and Response — covers the full lifecycle from planning, design, R&D, manufacturing, and installation to maintenance. The company holds MOLIT industrialized housing certification for both steel and PC structural systems, with PC modular approval for buildings up to 30 stories, making it the tallest-certified modular construction system in Korea.

Differentiator

Problem solved

Functional benefit

Brands

• Bridge (브릿지): NRB's primary product brand for relocatable modular buildings, encompassing Bridge School (education facilities), Bridge Camp (military facilities), Bridge Stay (lodging/hospitality facilities), and Bridge Home (residential/housing facilities)

Products and services

• Bridge School I Steel-frame relocatable modular classroom product designed for temporary school use during remodeling or reconstruction. Features quick installation, easy relocation, and over 90% reusability. Available in basic and expanded configurations with classrooms, multipurpose rooms, toilets, and stairwells.
• Bridge School II Precast Concrete (PC) modular classroom product with a 2.7m width enabling transport through narrow urban roads. Offers permanent-level performance, 110% more space than Bridge School I, and rapid construction completion within one year including design. Uses Rahmen (rigid frame) concrete structure.
• Bridge Stay PC (precast concrete) modular dormitory product for 2–4 person occupancy per room. Reduces inter-floor noise and improves habitability. Manufactured 99% in factory, reducing construction time by 60–70% compared to traditional concrete buildings. Available in both steel and PC modular configurations.
• Bridge Camp Modular military facility product replacing temporary container-based barracks. Offers high-quality military housing including barracks (9-person, 4-person rooms) and officer quarters (2-person, 1-person rooms), improving living conditions for military personnel. Available in both steel and PC structural options.
• Bridge Home Modular residential housing product providing comfortable living spaces for vulnerable housing populations. Includes apartment-style units (LH-type) in multiple sizes (26㎡, 34㎡, 46㎡, 54㎡) and standalone houses, offered in both steel and PC modular configurations.

Quantifiable outcome

• Construction time reduced by 30-50% compared to traditional construction
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• ATCO Structures: Canada-based global modular building manufacturer and space-leasing operator with a multi-decade track record in workforce housing, schools, and remote-site modular structures. Directly comparable to NRB as a vertically integrated modular manufacturer; data even notes ATCO's prior acquisition of an "NRB Limited" entity.
• Algeco (Modulaire Group): European leader in modular space leasing and relocatable buildings for construction sites, education, and public sector. Comparable to NRB on business model (manufacture + lease modular buildings to institutions) and on cross-border scale that NRB may emulate post-IPO.
• WillScot: US-listed modular space and mobile office leasing giant serving construction, commercial, industrial, and education customers. Closely comparable to NRB's relocatable building model, recurring rental revenue stream, and reliance on large institutional buyers.
• Kwikspace: African modular building manufacturer supplying relocatable classrooms, clinics, and workforce accommodation to government and mining clients. Comparable to NRB in product mix (modular school and workforce housing), government-tender go-to-market, and relocatable building expertise.
• Guerdon Modular Buildings: North American modular construction firm specializing in multi-story modular apartments, hotels, and student housing using factory-built modules. Directly comparable to NRB's Bridge Home high-rise modular apartment and dormitory product lines.
• Boxabl: US factory-built housing company producing folded modular residential units. Comparable to NRB's modular home (Bridge Home) product line and factory-99% manufacturing model, though focused on lower-rise residential rather than high-rise.
• Plant Prefab: US-based prefab housing manufacturer combining panelized and modular construction with a focus on sustainable factory-built homes. Comparable to NRB's modular residential and school buildings and its emphasis on quality-controlled factory production.
• Modulaire Group (formerly Algeco): Pan-European modular space services business spun out of Algeco, operating a fleet of relocatable modular buildings across multiple countries. Highly comparable to NRB on the rental/relocatable aspect of the business model and European public-sector customer base.

Broad incumbents

• POSCO A&C: Large Korean general construction and engineering subsidiary of POSCO Holdings. NRB's leadership team (CEO, CTO, multiple EVPs) originated from POSCO A&C and POSCO R&D, and POSCO co-developed Korea's first relocatable school with NRB's predecessor. Comparable as a broad Korean construction incumbent and historical talent/technology incubator for NRB.
• Hyundai Engineering & Construction: One of Korea's largest general construction firms with significant residential, civil, and plant exposure. Comparable as a broad Korean construction incumbent that could enter modular at scale; relevant benchmark for valuations and public-sector contracting patterns in Korea.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCaZF7Rj2DDXUdxIolZLBZfA

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NRB