This article was published on the ChosunBiz MoneyMove (MM) site on Nov. 18, 2025, at 4:35 p.m.
The listing schedule for film visual effects (VFX) specialist POSCREATIVE PARTY has been delayed. The delay in the initial public offering (IPO) schedule is the result of continued deterioration in performance. Although the company made a bold move this year by changing its lead underwriter, there are even views that the timing of the listing cannot be confirmed at present.
According to investment banks (IBs) and the financial investment industry, POSCREATIVE PARTY has again postponed its planned listing on the KOSDAQ market from this year to next year. After replacing its lead representative underwriter with DB Securities earlier this year and deciding to file for preliminary review within the year, the company has not yet finalized the listing timing.
POSCREATIVE PARTY is a film VFX production studio founded in 2009. It proved its technical skills through VFX work on the films "The Host" and "Oldboy," and subsequently handled VFX production for films such as Snowpiercer, Okja and Stoker, becoming known as the VFX workshop for directors Bong Joon-ho and Park Chan-wook.
Deteriorating performance led to delays in pursuing a listing. The company had previously selected NH Investment & Securities and EUGENE INVESTMENT & SECURITIES as joint lead representative underwriters in Oct. 2023 to ramp up listing preparations, but it is understood that it could not finalize listing 추진 with the underwriters after continuing to post an operating loss of about 1 billion won last year.
Although it changed underwriters, the listing remains uncertain. Year-to-date cumulative sales through the third quarter this year were 8.6 billion won, down 61% from 22.3 billion won in the same period last year. Operating profit, which was a 1.2 billion won surplus through the third quarter last year, turned to a loss. Net loss through the third quarter this year exceeded 11 billion won.
A contraction in Korean film production led to POSCREATIVE PARTY's worsening performance and listing delays. According to statistics from the Korean Film Council (KOFIC), the number of Korean commercial films (net production cost of 300 million won or more) that reached 45 titles in 2019 before the coronavirus is expected to fall to fewer than 20 titles this year.
POSCREATIVE PARTY's orders fell sharply to 8.5 billion won as of the end of the third quarter, down from 25.7 billion won at the end of the previous year. Hit films need to be released consistently so that reinvestment can be made from their revenue and new films using VFX continue to be produced, but instead there are many films that fail to reach the breakeven point, let alone become hits.
According to KOFIC, of the 37 commercial films released last year, only 10 surpassed the breakeven point. Fewer than one in four films exceeded the breakeven point, and theater attendance last year totaled 123.13 million, only about half of the precoronavirus figure of 226.68 million in 2019.
Market observers say the timing of POSCREATIVE PARTY's listing cannot be determined at present. NCSOFT, an early investor, is understood to have chosen to recover its investment. NCSOFT already sold existing shares in POSCREATIVE PARTY in 2023, cutting its stake from more than 30% to around 7%.
Financial investors (FIs) who had been hoping to recover their investments after POSCREATIVE PARTY's listing have faced a crisis. In 2023, Atinum Investment and Mirae Asset Venture Investment, which were pursuing selection as listing underwriters, each invested 4 billion won and 2 billion won respectively, securing positions as major shareholders on the expectation of a listing.
A securities industry official said, "POSCREATIVE PARTY was valued at about 63 billion won at the time of fundraising in 2023, but its performance has since worsened," and added, "The company aimed for a listing valuation of more than 100 billion won, but the underwriter is now saying that a 100 billion won valuation at this time is difficult."