October IPO subscriptions reach all-time high, including Kbank and Theborn Korea

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The number of initial public offering (IPO) subscriptions in October is projected to reach an all-time high. This is attributed to repeated delays in the listing schedules of companies preparing for IPOs due to financial authorities' requests for revisions, along with seasonal factors.

According to Financial Supervisory Service's electronic disclosure system, Wednesday, 22 companies are set to proceed with IPO subscriptions in October. Among these, two companies, Kbank and Theborn Korea, are aiming to enter the benchmark KOSPI, while 20 are targeting the secondary Kosdaq market.

If these companies proceed as scheduled, it will mark the largest annual IPO volume. This is more than double the size of June, which was regarded as a significant period for IPOs this year.

The concentration of IPOs this month is due to financial authorities' rigorous review of securities filings and requests for revisions. Additionally, the seasonal influence of the fourth quarter, traditionally a peak season for IPOs, is playing a role. Many companies are rushing to catch the last opportunity to go public before the end of the year.

The company garnering the most attention is Kbank, which is set for general subscription on Oct. 21 and 22. The company's estimated market cap is 5 trillion won ($3.7 billion), based on the upper end of the offering price range. This represents the largest volume since LG Energy Solutions' IPO in 2022.

Another company drawing attention is Theborn Korea, led by celebrity CEO Paik Jong-won. It is scheduled to hold general subscription from Oct. 28 to 29. The company's expected market cap based on the upper price limit is 405 billion won.

With increasing skepticism surrounding IPOs this year, experts emphasize the importance of carefully distinguishing between strong and weak offerings. Some newly listed companies have seen their stock prices drop below the offering price on their first day of trading.