This article was published on the ChosunBiz MoneyMove (MM) site at 10:05 a.m. Oct. 17, 2025.
Corporations facing blocked initial public offering (IPO) paths amid controversy over dual listings are watching LS ESix Solutions' developments. If LS ESix Solutions, a subsidiary acquired by its parent rather than a subsidiary split off from the parent through a physical division, clears the Korea Exchange's hurdle, companies in similar situations are expected to have greater chances of going public.
According to the investment banking (IB) industry, Mirae Asset Securities and Korea Investment & Securities, the lead underwriters for ESix Solutions' listing, have been conducting preliminary consultations with the exchange since last month. Although the schedule aimed at filing for a preliminary review in Sept. was somewhat delayed, they are expected to file for the review as soon as consultations conclude.
The delay in ESix Solutions' listing stems from concerns over dual listings. ESix Solutions is a great-grandchild company of LS and has a governance structure that goes LS–LS I&D–Superior ESix (SPSX)–ESix Solutions.
LS maintains that this is not a dual listing. It says the case involves acquiring an external company and incorporating it into the group, which is different from a structure in which a parent splits off units through a split listing. ESix Solutions is the world's No. 1 company in the wire market. It began in 1930 as an American wire company and was acquired by LS Group in 2008.
Individual investors still tend to view ESix Solutions as a dual listing. They reason that when companies under the same governance structure are listed on the stock market at the same time, corporate value will be divided and evaluated separately.
Financial investors (FI) who invested expecting a listing before the dual listing controversy intensified are watching ESix Solutions closely, since the matter is directly tied to returns. A person in the IB industry said, "If ESix Solutions passes, there is hope the exchange will let other companies in similar situations pass as well."
However, not only is ESix Solutions' filing for a preliminary review this year uncertain, but some say the exchange is unlikely to send a market message on dual listings before financial authorities take action.
Another person in the IB industry said, "The exchange is keeping silent on its stance regarding dual listings and is watching the authorities," and added, "Even if ESix Solutions somehow lists, unless the authorities' position is decided, other companies will be evaluated by a different yardstick."
The exchange has not disclosed clear standards related to dual listings despite various confusions. It says it will determine whether to list each company through internal review. Because fixing standards could invite criticism toward the exchange, this is interpreted as an intention to exercise discretion through qualitative evaluation.
A securities firm official said, "For a company preparing for an IPO, there is no option other than presenting incentives that guarantee the parent company shareholders' rights as much as possible," and added, "Judging from failed cases even after rolling out shareholder-friendly policies, the uncertainty around listings seems too great."