Piece Piece Studio Co., Ltd., which operates the K-fashion brand "Mardi Mercredi," has begun the process for an initial public offering on KOSDAQ in earnest.
On the 7th, Piece Piece Studio Co., Ltd. said it filed a securities registration statement with the Financial Services Commission. The company applied for a preliminary listing review with the Korea Exchange (KRX) in Dec. last year and received approval at the end of last month.
Piece Piece Studio Co., Ltd. plans to offer a total of 2,272,637 shares. The desired price range is 19,000 to 21,500 won, for an offering size of about 43.2 billion to 48.9 billion won. The market capitalization at listing is 269.3 billion to 304.8 billion won.
Piece Piece Studio Co., Ltd. became well known for the homegrown women's apparel brand Mardi Mercredi, introduced in 2018. The "flower graphic" gained popularity, quickly lifting it into the ranks of mass-market brands.
On a consolidation basis last year, it posted 117.9 billion won in revenue and 16.7 billion won in operating profit. Revenue rose 3.6% from a year earlier, but operating profit fell 41%.
It selected two peers: AU BRANDZ and Gamsung Corporation. Applying the two companies' average price-earnings ratio (PER) of 21.48 times to 2025 net income, it calculated the corporate value.
Chief Executive Park Hwa-mok of Piece Piece Studio Co., Ltd. said, "With this listing as a catalyst, we will accelerate global market expansion, strengthen our brand portfolio, and diversify our business to leap forward as a global lifestyle corporation."
Meanwhile, the book-building will run from May 11 to 15, and the retail subscription will take place on the 20th and 21st of the same month. Mirae Asset Securities and NH Investment & Securities are serving as joint lead managers.