Sono International filed a preliminary listing review application with the Korea Exchange on the 26th of last month for securities market listing. This marks the company's third IPO attempt after previous cancellations in 2019 and last year. The hotel and leisure operator's move draws attention as South Korea's first-half Korean stocks IPO market saw only 17 new listings, down from 38 in the same period last year. Market participants estimate Sono International's corporate value at around 3 trillion won.
First-Half Korean Stocks IPO Market Records 17 New Listings
The first-half Korean stocks IPO market showed subdued activity with 17 new listings on KOSPI and KOSDAQ markets, excluding SPAC mergers, transfers, and KONEX. This represents less than half the 38 listings recorded in the same period last year. K Bank was the only new KOSPI listing in the first half, while KOSDAQ new listings decreased from 34 to 16 year-over-year.
Madup became the first IPO of the second half, listing on KOSDAQ on the 1st of this month. The stock closed its first trading day at 10,080 won, 26.00% above its offering price of 8,000 won. Industry observers note that despite the positive debut, investor attention has shifted toward potential large-cap IPO candidates expected in the second half.
Sono International Files Third IPO Application with 3 Trillion Won Valuation
Sono International submitted its preliminary listing review application to the Korea Exchange with Mirae Asset Securities and Daishin Securities serving as joint lead underwriters. The company operates Sono Hotels & Resorts, Vivaldi Park, Ocean World, and golf courses as a core subsidiary of Sono Trinity Group.
This represents Sono International's third IPO attempt. The company first pursued listing in 2019 but withdrew due to COVID-19's impact on the hotel and resort industry. The company also initiated listing procedures last year before postponing in August. Industry sources estimate the company is targeting a public offering of approximately 800 billion won based on the 3 trillion won corporate valuation, with the entire offering consisting of new shares.
Musinsa, Gooday Global, and Upstage Emerge as Major IPO Candidates
Musinsa remains one of the most anticipated IPO candidates with market discussions centering on a corporate valuation around 10 trillion won. The fashion platform operator has not committed to a specific listing timeline this year, though market participants view the company as a potential benchmark for domestic platform company valuations.
Gooday Global has selected Mirae Asset Securities, NH Investment & Securities, Citigroup Global Markets Securities, and Morgan Stanley as IPO underwriters. The K-beauty company owns multiple brands including Joseon Beauty, Tirtir, Skin1004, and Round Lab.
Upstage, an AI company, has appointed KB Securities and Mirae Asset Securities as lead underwriters and is expected to file for preliminary listing review in the second half. The company reportedly presented an expected post-listing corporate value of 3.5 trillion won to 5 trillion won during recent investor roadshows.
FAQ
How many new listings occurred in South Korea's first-half IPO market?
South Korea's first-half IPO market recorded 17 new listings on KOSPI and KOSDAQ markets, excluding SPAC mergers, transfers, and KONEX. This represents less than half the 38 listings in the same period last year, with K Bank as the only KOSPI new listing.
What is Sono International's estimated corporate value for its IPO?
Market participants estimate Sono International's corporate value at around 3 trillion won. Industry sources suggest the company is targeting a public offering of approximately 800 billion won with the entire offering consisting of new shares.
