Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Korea's mega unicorns rush toward IPOs as market heats up
A screen at Hana Bank's headquarters in Seoul displays the benchmark KOSPI closing at 4,150.39, Wednesday, up 1.07 percent from the previous trading. Yonhap
By Lee Yeon-woo
A wave of Korean unicorns is lining up for initial public offerings (IPO), betting on resurgent investor appetite and a bullish stock market, industry officials said Wednesday.
Kbank filed Monday for a preliminary review with the Korea Exchange to list on the KOSPI, targeting a debut in the first half of 2026. The internet-only bank is eyeing a valuation of about 5 trillion won ($3.4 billion).
Essex Solutions, a U.S.-based affiliate of LS Group and North America's top wire supplier, also submitted a listing application on Friday. The firm, which counts Tesla as a key client, is expected to seek a valuation above 2 trillion won.
Several other firms across sectors are stepping up efforts to tap public markets.
Musinsa, the most high-profile contender, has begun IPO preparations. The K-fashion giant aims to hit a 10 trillion won valuation by ramping up overseas expansion and opening more offline stores. It held a pitch last month for investment banks vying to lead the deal.
Goodai Global, the K-beauty label behind the hit brand Beauty of Joseon, is also pushing ahead with its IPO plans, targeting a 10 trillion won valuation. Upstage, a generative artificial intelligence (AI) startup, has begun selecting lead underwriters as it aims for a valuation exceeding 2 trillion won.
The rebound comes after a sluggish start to 2025. Only one major listing — the February debut of LG CNS — has made waves this year, with a 5 trillion won market cap. The broader market had been stalled following the declaration of martial law last December.
Now, IPO momentum is returning. Innotech, a maker of environmental testing equipment, saw its stock price soar 300 percent from its offering price on its debut. Friday. Similarly, Nota, an AI optimization technology company, ended its first trading day on Nov. 4, up 240.66 percent.
Government moves are adding fuel. Measures such as easing the separate taxation on dividend income and expanding venture capital funding are seen as supportive for listings.
"Backed by abundant liquidity — with investor deposits totaling 87 trillion won and CMA (cash management account) balances reaching 96 trillion won — the IPO market is expected to remain buoyant through year-end," said Yoon Chul-hwan, an analyst at Korea Investment & Securities.