October 7, 2025
SEOUL – A string of long-awaited listings is lining up on South Korea’s capital markets, as companies seek to ride a rebound in investor sentiment. The Kospi’s recent record highs have drawn retail and foreign buyers back, prompting firms that had shelved offerings to revive their plans.
The pipeline reflects both pent-up demand and pressure on companies to deliver exits to investors. From household names like “Baby Shark” creator Pinkfong and fashion giant Musinsa to internet-only lender K bank and G-Dragon’s agency Galaxy Corporation, firms are preparing to test whether the rally can open a window for bold valuations.
Some say the coming wave could mark the busiest stretch for Korean initial public offerings in years if market momentum holds. But skepticism remains after a series of overvalued offerings faltered, leaving success to depend not only on sentiment but also on convincing valuations and clearer paths to growth.
The Pinkfong Company, creator of the global children’s hit “Baby Shark,” kicked off its IPO process last month with eyes on a November debut on Korea’s Kosdaq. The firm filed its securities registration on Sept. 22, with bookbuilding set for late October and retail subscription on Nov. 6-7. Mirae Asset Securities and Samsung Securities are joint underwriters.
Pinkfong plans to offer 2 million shares at 32,000 to 38,000 won ($23 to $27), valuing the float at up to 76 billion won and aiming for a post-listing market cap of 450 billion to 550 billion won.
Founded in 2010, the company rose to global prominence with “Baby Shark,” now the most-viewed video on YouTube, and distributes content in 25 languages across 244 countries and territories.
Once valued above 1 trillion won, Pinkfong has faced doubts over sustaining that level, with speculation rising recently about a potential sale. But earnings rebounded in 2024, with revenue reaching 97.3 billion won and operating profit 18.8 billion won, and with new efforts to expand its global IP business, the path now appears set for a listing.
“We will strengthen our global competitiveness with a Kosdaq debut, expanding ties with customers, investors and partners to build long-term trust,” CEO Kim Min-seok said.
K bank, one of Korea’s top three internet-only lenders, is preparing for a third shot at going public, with plans to seek a preliminary review from the Korea Exchange as early as next month. The bank may accelerate the listing before CEO Choi Woo-hyung’s term ends in December 2025, as the IPO has been a key pledge of his tenure.
The bank has pulled back twice from an IPO, most recently in October, when it targeted a 5 trillion won valuation but withdrew due to lackluster demand. Time is ticking as K bank faces a 2026 deadline tied to a 725 billion won investment from strategic backers who could demand instant repayment if the listing fails.
Still, prospects have improved. The lender posted a record 85.4 billion won in first-half profit, broadened its services, and reduced reliance on its Upbit partnership for deposits from half to about 20 percent.
Analysts say success hinges on valuation. A price-to-book ratio of about 2 times, closer to Kakao Bank’s 1.8 and below K bank’s earlier 2.56 target, would imply a market cap of roughly 4 trillion won, based on its 2.1 trillion won equity as of June.
Musinsa, Korea’s leading online fashion platform, is targeting a blockbuster listing that could value the company at up to 10 trillion won. The firm issued requests for proposals to 14 securities houses last month, all of which submitted bids. It plans to finalize underwriters within the year, with the IPO expected in 2026.
To bolster its case for a premium valuation, Musinsa has been expanding aggressively. The company has been expanding its portfolio of in-house brands and moving into global offline retail, opening its first stores in China and Japan this year, with plans to enter the Middle East and Southeast Asia next year and North America by 2030.
Market watchers say Musinsa will not rush its listing, focusing instead on securing the right valuation, currently estimated at 7 trillion to 10 trillion won. Since 2019, the firm has raised funds under IPO-linked agreements, but officials note investors are holding off on redemption rights, with no hard deadline, expecting greater gains from a market debut.
To maximize valuation, Musinsa is also weighing a potential overseas listing, with the Nasdaq under consideration, following the path of Yanolja and Coupang. Its choice to solicit proposals from global banks underscores the option of a US debut. “The scale of fundraising is entirely different in the US, and a listing there could elevate us to the global stage,” the official said. “But nothing has been decided yet.”
Galaxy Corporation, the entertainment-tech firm best known as G-Dragon’s agency, is planning to apply for a Kospi preliminary review in October, aiming for a debut as early as the first half of 2026. The company is seeking a 1 trillion won valuation, matching the level of its pre-IPO investment last year.
Founded in 2019, Galaxy Corporation turned profitable for the first time in the first half of this year, posting 126 billion won in revenue, more than triple its 2024 full-year sales, along with 12 billion won in operating profit and 13 billion won in net income.
The firm explained that the turnaround followed years of heavy investment, which left the firm with a 19 billion won operating loss in 2024 and a valuation then estimated at just 500 billion won, short of Kospi’s minimum 1 trillion won threshold.
Analysts say the recovery was buoyed by G-Dragon’s comeback and global tour, but caution that the company’s reliance on a single star leaves questions over the sustainability of its AI- and tech-driven businesses. Whether Galaxy Corporation can justify a 1 trillion won valuation given its patchy earnings record also remains uncertain.
jwc@heraldcorp.com