This article was published on March 27, 2025, at 3:15 p.m. on the ChosunBiz MoneyMove site.
Korea's top fashion platform corporation, Musinsa, is expected to begin selecting an underwriter for its listing. With the company's anticipated valuation nearing 5 trillion won, major securities firms are watching closely for when the selection process will begin.
According to the investment banking (IB) industry on the 27th, Musinsa is reportedly set to distribute a request for proposal (RFP) for underwriting selection to major securities firms next month.
An official from the IB industry noted, "As one of the 'biggest IPOs' this year, many securities firms are just waiting for Musinsa's RFP."
The market believes that Musinsa could be recognized with a minimum corporate value of 4.5 trillion won. Considering the expected returns of financial investors (FIs), industry insiders speculate that the value must exceed 4.5 trillion won.
Last year, Musinsa was recognized with a corporate value of 3.5 trillion won from firms like Kohlberg Kravis Roberts & Co. (KKR) and Wellington Management, receiving a total of 240 billion won in investments. If Musinsa is listed at 4.5 trillion won this year, the internal rate of return (IRR) for these FIs is calculated to be about 15%.
So far, Musinsa has leaned towards starting the selection process for an underwriter after the first quarter of this year. Given that it is expected that last year's performance will improve significantly, the plan is to check the business report before officially moving forward with the listing.
The industry reports that Musinsa recorded sales exceeding 1 trillion won last year, achieving its best performance since its establishment. Sales for 2023 reached 993.1 billion won. Musinsa is also said to have successfully turned a profit last year.
Recently, the Financial Supervisory Service selected Anjin Accounting Corporation as Musinsa's designated auditor. Typically, the appointment of an auditor is considered the first step in the IPO process. In addition, Musinsa has taken steps to liquidate its loss-making subsidiary, "Original Lab," a fashion-focused multi-channel network (MCN), among other measures.