This article was published on the ChosunBiz MoneyMove (MM) site at 10:32 a.m. on Apr. 08, 2026.
Goodai Global, regarded as a "dinosaur" in the K‑beauty market, has formally begun preparations for an IPO. Internally, it is said to have set a floor for its valuation at 15 trillion won, directly taking aim at K‑beauty rival APR, which listed earlier.
If Goodai Global is recognized at a 15 trillion won valuation and lists, Chief Executive Cheon Ju‑hyeok's equity value would approach about 10 trillion won. It is expected to easily surpass the equity value held by APR Chief Executive Kim Byeong‑hun.
According to the investment banking (IB) industry on the 8th, the IPO underwriting syndicate for Goodai Global—NH Investment & Securities, Mirae Asset Securities, Citigroup Global Markets, and Morgan Stanley—recently kicked off IPO preparations. Employees are said to be reporting to Goodai Global's headquarters to conduct preliminary work for filing the IPO review.
The 15 trillion won price tag far exceeds the 10 trillion won level initially discussed in the market. The market estimates Goodai Global's revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) last year at 1.7 trillion won and 550 billion won, respectively. If the corporations value is set at 15 trillion won and EV/EBITDA is simply estimated, it comes to about 27 times. Considering that Goodai Global already won recognition for an EV/EBITDA multiple of 35–38 times when it raised 800 billion won in investment last year, 27 times is seen as readily achievable.
Industry sources said Cheon is mindful of APR's corporations value after it went public first. Born in 1987, Cheon, and APR's Kim Byeong‑hun, born in 1988, are often cited in the industry as "same‑age rivals" among CEOs.
APR recorded EBITDA of about 400 billion won last year and currently has a market capitalization of about 11.9 trillion won. Its EV/EBITDA is about 30 times, roughly in line with Goodai Global's target EV/EBITDA for its listing.
If Goodai Global lists at a 15 trillion won price tag, it is expected to overtake APR and seize the top spot as the "bellwether" by market cap in the cosmetics sector.
In that case, Cheon's personal equity value is estimated to reach about 10 trillion won. According to the IB industry, even after accounting for the dilution of Goodai Global investors, Cheon's equity stake exceeds 80%. Assuming new shares account for about 20% of total shares at the time of listing, Cheon's equity value would come to 9.6 trillion won.
That far exceeds the equity value of Kim Byeong‑hun. Kim holds about a 32% stake in APR, putting the current value of his equity at about 3.8 trillion won.