This article was published on the ChosunBiz MoneyMove (MM) site at 4:20 p.m. on Sept. 16, 2025.
Kbank and Galaxy Corporation and other multi-trillion-won IPO big names have recently begun preparing for listing one after another. In particular, Kbank aimed for a valuation of more than 4 trillion won. As the KOSPI repeatedly set new record highs and the domestic stock market entered a strong bull market, expectations for IPO success also grew.
On the 16th, people in the securities industry said Kbank recently finalized a plan with financial investors (FIs) and underwriting managers to challenge a listing in the second half of the year. The plan is to list on the Korea Composite Stock Price Index (KOSPI) market in early next year, and it is understood that Kbank plans to submit a preliminary review application to the Korea Exchange as early as this month.
Kbank, the country's first internet-only bank, after earlier failed listing attempts in 2023 and last year, reselected NH Investment & Securities and Samsung Securities as underwriting managers in June and has been coordinating the timing of the listing. Riding on record results, including net income of 68.2 billion won in the second quarter, it set a minimum valuation target of 4 trillion won.
Galaxy Corporation, an entertainment-tech company well known as the agency of singer G-Dragon, also decided to file a preliminary review application next month. It aims to enter the KOSPI with a market capitalization of more than 1 trillion won. Although it posted sales of 41.6 billion won and an operating loss of 18.8 billion won last year, it plans to use the "unicorn exception" for a market cap above 1 trillion won.
The large public offering market has remained sluggish. Investment demand for large public offerings has fallen sharply because of domestic and international uncertainties such as tariff and political instability. DN Solutions, which earlier sought a valuation exceeding 5 trillion won in May, and LOTTE Global Logistics, which sought a valuation of about 560 billion won, both abandoned their listings.
Even in July, when the KOSPI surpassed the 3,200 mark, moves by large-cap companies seeking KOSPI listings were limited. Chebi, an electric vehicle fast-charging operator that had attracted attention aiming for a multi-trillion-won valuation, and Semifive, a semiconductor design platform company, both chose to list on the KOSDAQ market using the profit-not-realized exception.
A person in the securities industry said, "At the beginning of the year there were even forecasts of 12 KOSPI listings this year and expectations that this year would be a bumper year for IPOs, but the situation changed as the IPO demand forecasting system was strengthened and controversy over dual listings overlapped." So far, only five companies have listed on the KOSPI.
As the KOSPI for the first time surpassed the 3,400 mark and the domestic stock market entered a strong bull market, analysis says moves by multi-trillion-won large IPO companies have become busy. In a bull market, corporate valuations are set high and investor sentiment revives, increasing not only demand forecasting success but also the likelihood of subscription success.
Underwriters are also said to be encouraging large IPOs based on the stock market boom. Large IPOs completed in a bull market can lead to increased revenue, so underwriters are reportedly actively persuading corporations to go to market. Even Kbank had set its preliminary review filing for next year.
A person in the securities industry said, "The 2020-2021 period, when IPOs boomed with listings such as Kakao Games, SK Biopharm, and LG Energy Solution, was a bull market for the KOSPI and KOSDAQ," adding, "Both corporations and underwriters seem to judge that now, when the indices are soaring, is the right time."