Goodai Global, known as the operator of the K-beauty brand Beauty of Joseon, has narrowed down candidates for its IPO underwriter.
According to the investment banking (IB) industry on the 21st, Goodai Global on this day selected and notified 11 domestic and foreign securities firms as the shortlist of qualified IPO underwriter candidates.
About one month after it distributed a request for proposal (RFP) for underwriter selection to domestic and foreign securities firms in the previous month, 14 securities firms were found to have submitted proposals.
Specifically, five domestic securities firms—Mirae Asset Securities, NH Investment & Securities, Korea Investment & Securities Co., KB Securities, and Shinhan Investment & Securities—made the shortlist.
Among foreign securities firms, six—Goldman Sachs, Morgan Stanley, JPMorgan, UBS, Citibank, and Bank of America Merrill Lynch (BofA)—were named to the shortlist.
Goodai Global is considered the leading K-beauty stock in the over-the-counter market. Since acquiring Beauty of Joseon in 2019, it has continued buying brands such as "TIRTIR" and "LAKA Cosmetics," recording combined revenue of 1 trillion won as of 2024.
Previously, when it moved to issue 800 billion won in convertible bonds (CB) in Aug. last year with the goal of acquiring "Round Lab" (operator Seorin Company) and "SKINFOOD" (SKINFOOD), it was said to have promised an IPO within three years.
In the IB industry, considering that K-beauty stocks have recently been valued highly in the market, there are projections that Goodai Global's IPO valuation could exceed 10 trillion won.
Goodai Global plans to conduct presentations (PT) by each underwriter on the 26th–27th and then select the final underwriting syndicate.