Musinsa, Korea's largest fashion platform, has filed for a preliminary review for listing on the Korea Exchange's main board (KOSPI), entering a full-fledged initial public offering (IPO) process.
According to the Korea Exchange (KRX) on the 7th, Musinsa submitted its preliminary listing review application to the KRX's main board division that day. It is preparing to list in the first half of next year.
Musinsa started in 2001 as an online sneaker community and is a corporations that owns the country's largest fashion-dedicated platform. Centered on the online fashion platform "Musinsa Store," it also operates the women's fashion platform "29CM" and the private-label brand "Musinsa Standard."
The market expects Musinsa's corporate value to be formed around 8 trillion won. Internally, Musinsa has calculated its corporate value at about 10 trillion won, and during the offering process, it is known to be aiming for around 8 trillion won, applying a discount rate in consideration of market sentiment and investor protection.
As of the end of last year, Musinsa's total assets were 2.2865 trillion won and shareholders' equity was 243.7 billion won. Revenue was 1.3529 trillion won and operating profit was 145.8 billion won.
As of the end of June, the largest shareholder is founder Cho Man-ho, chair of Musinsa's board (51.75%). Twenty-seven related parties, including Cho, hold 54.2% of the total equity.
The IPO underwriters are Korea Investment & Securities Co. and Citigroup Global Markets Securities.