This article was displayed on the ChosunBiz MoneyMove (MM) site at 10:23 a.m. on July 24, 2026.
Goodai Global, the operator of K-beauty brand Beauty of Joseon and cited as an "initial public offering (IPO) hopeful," has begun its full-fledged push to list on the KOSPI. It is understood to have recently begun preliminary consultations with the Korea Exchange (KRX) before filing for a preliminary listing review. The goal is to debut on the market early next year, and a valuation of as much as 10 trillion won is being discussed after the listing.
According to the investment banking (IB) industry on the 24th, Goodai Global entered into preliminary consultations with the exchange before filing for review this month together with its listing underwriter group, including Mirae Asset Securities. This stage involves meeting with the listing department of the main board to share review issues in advance, and the company plans to file for a preliminary listing review in the third quarter.
Although preliminary consultations with the exchange by listing-seeking corporations are not an official procedure, they have become a de facto requirement amid a recent trend of stricter reviews. The exchange also said in its 2025 main board listing review guidebook that "earlier and more thorough preliminary consultations are needed to ensure smooth progress of the listing process."
Goodai Global is also said to have proceeded with listing preparations, including increasing the total number of authorized shares in its articles of incorporation to 1 billion. It secured in advance the capacity to issue new shares needed for the public offering and post-listing trading. It also strengthened internal controls by appointing four outside directors and forming an audit committee.
Pre-marketing for overseas investors has also begun. Lead underwriter Mirae Asset Securities, together with co-managers NH Investment & Securities, Citigroup Global Markets Securities, and Morgan Stanley, started a non-deal roadshow (NDR) last week. It is an occasion to introduce the company to overseas institutional investors before finalizing the offering terms.
If the filing proceeds as scheduled, Goodai Global will become one of the biggest names in this year's IPO market. In an 800 billion won pre-IPO (fundraising before listing) conducted in August last year through the issuance of convertible bonds (CB), the company was already valued at 4.4 trillion won on a post-money basis.
The market expects its valuation to exceed 7 trillion won after listing. The figure applies a 15x multiple to last year's 500 billion won in earnings before interest, taxes, depreciation and amortization (EBITDA), about 1.7 times higher than at the time of the pre-IPO. Some securities firms are said to have suggested 10 trillion won when underwriters were selected early this year.
Goodai Global started in 2019 with its own brand Beauty of Joseon and expanded its scale by acquiring TirTir, House of Hur, LAKA Cosmetics, and Craver in succession. Funds raised through the pre-IPO were also used as resources for additional brand acquisitions. Last year's consolidated revenue was tallied at 1.4718 trillion won.
An IB industry source said, "As the acquired brands contribute to results, the market's valuation bar is rising in tandem," and added, "The company has also shared with financial investors (FI) who participated in the pre-IPO its plans to apply for a listing review in the third quarter and to debut on the market early next year."