TXR Robotics (Ticker: 484810 KS), a South Korean company specializing in conveyor equipment manufacturing and logistics automation solutions, plans to list on the KOSDAQ on March 20, 2025. The IPO offering consists of 3,075,400 new shares at a confirmed price of KRW 13,500 (within the indicative range of KRW 11,500-13,500), aiming to raise KRW 41.52 billion (USD 28.58 million based on offer size of 28.58M in table). The company provides logistics automation equipment like wheel sorters, flap sorters, and tilt-tray sorters, as well as robot automation solutions including AMRs, AGVs, and mobile manipulators for logistics and factory automation. The underwriters are NH Investment & Securities, Shinhan Investment & Securities, and Eugene Investment & Securities. Institutional investors showed strong demand with an oversubscription rate of 862.62:1.

Seoul Guarantee Insurance Co. (Ticker: 031210 KS) is a South Korean state-owned company operating in the insurance industry.

Seoul Guarantee Insurance Co. is expected to start trading on the KOSPI on March 14, 2025. The firm is selling 6,982,160 shares at KRW 26,000, set at the bottom end of the initially guided range. This offering represents a 10% stake in SGI being sold by the KDIC, which controls 93.85% of the insurance company. The total offer size is KRW 181.5 billion ($125.4 million USD), with an expected market capitalization of KRW 1.82 trillion ($1.26 billion USD). The offering is managed by Samsung Securities Co. and Mirae Asset Securities Co.

The IPO has been re-attempted after a previous attempt in 2023 was dropped due to tepid investor response. The current IPO's target valuation has been slashed by about 40% compared to the 2023 attempt. To attract investors, the company has committed to paying KRW 200 billion (~$138.2 million USD) in dividends for 2024, equivalent to approximately 11% dividend yield for IPO subscribers, and plans to maintain this payout level through 2027.

Orum Therapeutics Inc. (Ticker: 475830 KS) is a South Korean biotechnology company that develops novel therapeutics, focusing on ADC (Antibody-Drug Conjugate) and TPD (Targeted Protein Degradation) technologies. The lead product candidate, ORM-6151 was licensed to Bristol-Myers Squibb in 2023. In July 2024, Orum Therapeutics entered into a technology transfer agreement with Vertex Pharmaceuticals, potentially worth up to $310 million per target for up to three targets.

Orum Therapeutics Inc. is expected to start trading on the KOSDAQ on February 14, 2025. The firm is selling 2.5 million shares, all primary, at a finalized price of KRW 20,000, which was below the initially proposed range of KRW 24,000-30,000. The expected Market Capitalization at offer is KRW 418.58 billion (USD $288.28 million). The total offer size is KRW 50 billion (USD $34.44 million), reduced from an initial filing amount of KRW 75 billion. The offering is managed by Korea Investment & Securities Co.

LG CNS (Ticker: 064400 KS) is a South Korean IT service company that provides consulting, system integration, and IT infrastructure services, focusing on digital transformation solutions such as cloud, AI, smart cities, and logistics optimization. The company is headquartered in Seoul, and operates globally.

LG CNS is scheduled to list on the KOSPI on February 5, 2025. The company plans to offer 19,377,190 shares, evenly split between new shares and existing shares. The offering price range is set at KRW 53,700 to KRW 61,900 per share. The total offer size is approximately KRW 1,040.6 billion (USD 711.98 million).

The lead underwriters for the IPO are KB Securities, Mirae Asset Securities, Shinhan Investment Corp., Daishin Securities, NH Investment & Securities, and Hana Financial Investment.

M&C Solution (Ticker: 484870 KS) is a hydraulic equipment manufacturing company that focuses on advanced hydraulic systems and defense technology. Originally part of South Korean industrial conglomerate Doosan, the company was spun off in December 2020 as part of a business realignment strategy. M&C Solution will list on the KOSPI market on December 16, 2024. The firm is offering shares with a total offer size of USD 171.98 million. The offering is managed by KB Securities, Samsung Securities, and Kiwoom Securities.

Theborn Korea (Ticker: 951070.KS) is a South Korean restaurant franchise, founded by celebrity chef Paik Jong-won. The company operates around 2,900 outlets across 25 brands, including New Maul Restaurant, Hong Kong Banjum, and Paik’s Coffee, offering diverse and affordable dining options.

Theborn Korea will list on KOSPI on November 6, 2024, with an IPO managed by Korea Investment & Securities and NH Investment & Securities. The offering raised approximately $73.45 million, valuing the company at 492 billion won ($354 million). Shares were priced at 34,000 won, above the initial range of 23,000 to 28,000 won per share. Proceeds will be used for menu development, brand expansion, and mergers and acquisitions. Chef Paik will retain about a 61% stake post-IPO.

Toprun Total Solution (Ticker: 336680.KS) is an electronic components manufacturing company based in South Korea, specializing in OLED devices, plastic injection, and electronic circuit modules.

The company will list on KOSDAQ on November 1, 2024. The IPO, managed by KB Securities, aims to raise approximately $32.40 million. Top Run Total Solutions serves major clients such as LG Electronics, Hyundai, and KIA, and operates multiple domestic and international subsidiaries.

Sungwoo (Ticker: 458650.KS) is a company engaged in the manufacturing of LCD display panels used in various electronic products.

Sungwoo will list on October 31, 2024, on the KOSDAQ market. The firm is offering 3,000,000 shares entirely through the issuance of new shares, at an expected price range of KRW 25,000 to 29,000 per share. The total offer size is KRW 75 billion (USD 55.56 million). The offering is managed by Korea Investment & Securities.

Clobot (Ticker: 466100) is a South Korean service robot software company specializing in autonomous navigation and integrated control systems for various robot applications. Founded in 2017 by researchers from the Korea Institute of Science and Technology, Clobot's key products include Chameleon, a software for indoor navigation, and CROMS, a control system for managing different robot types. The company serves over 130 clients, including Hyundai Motor and Boston Dynamics, and is expanding into a Robot-as-a-Service (RaaS) model.

Clobot will list on the KOSDAQ on October 28, 2024, offering 3 million shares at KRW 13,000 per share to raise approximately KRW 39 billion (USD 28.34 million). The IPO is managed by Mirae Asset Securities and Shinyoung Securities. The expected market capitalization post-listing is around KRW 311.4 billion. The funds raised will be used to enhance Clobot's software solutions and develop new robotic services, including logistics and specialized cleaning robots.

CMES (Ticker: 475400.KS) is a company in the optical equipment manufacturing industry, specializing in 3D vision-based intelligent robot solutions and 3D inspection technologies. The company provides automation solutions for logistics and manufacturing industries, using high-speed, high-precision 3D image processing and AI-driven robot control systems.

CMES will list on October 24, 2024, on the KOSDAQ market in South Korea. The firm is offering 2,600,000 shares at an expected price range of KRW 20,000 to 24,000 per share. The total offer size is KRW 52 billion (USD 38.52 million). The offering is managed by Samsung Securities, Eugene Investment & Securities, and Yuanta Securities.

YJ Link (Ticker: 209640.KS) is a company in the manufacturing of special-purpose machinery, specializing in surface-mount technology (SMT) equipment used in the assembly and testing of printed circuit boards (PCBs) for electronics production. The company provides automation solutions like PCB routers, loaders, and marking systems for efficient manufacturing processes.

YJ Link will list on October 18, 2024, on the KOSDAQ market in South Korea. The firm is offering 3,560,000 shares at a confirmed price of KRW 12,000 per share. The total offer size is KRW 42.72 billion (USD 31.64 million). The offering is managed by KB Securities.

I-Scream Media (Ticker: 461300 KS) is a leading digital education platform company in South Korea, focused on providing educational content and tools for elementary school students. The company is known for its I-Scream S platform, which is utilized by over 93% of elementary school classrooms in the country. I-Scream Media is scheduled to list on KOSDAQ on August 30, 2024.

The firm is offering 2.46 million new shares in its IPO, with an offer price set at 32,000 won. The total funds expected to be raised are approximately 78.7 billion won ($59 million). The market capitalization at the offer price is projected to be around 438 billion won ($328 million). Samsung Securities is managing the offering.

Junjin Construction Robot (formerly Junjin Heavy Industries) (Ticker: 079900) is a South Korean company specializing in the manufacturing of automobile bodies and trailers. Junjin Construction Robot will list on August 19, 2024, on the Korea Exchange. The firm is offering 3,077,650 shares at a price range of KRW 13,800 to KRW 15,700. The total offer size is KRW 42.47 billion (approximately USD 31.06 million). The offering is managed by Mirae Asset Securities.

Sanil Electric Co. Ltd. (Ticker: 062040 KS) is a South Korean company in the power converters and power supply equipment industry. The company will list on July 29, 2024, on the Korea Stock Exchange. Sanil Electric Co. Ltd. is offering 7.60 million shares at an offer price of KRW 35,000.
The expected market capitalization at offer is KRW 1.07 trillion (USD 767.64 million). The total offer size is KRW 266 billion (USD 191.63 million). The offering is managed by Mirae Asset Securities. There are 691,500 shares locked up for the Employee Stock Ownership plan for one year after the deposit date.

Shift Up Corporation (Ticker: 462870 KS) is a South Korean game developer and publisher headquartered in Seoul. Founded in December 2013 by artist Kim Hyung-tae and KyungRip Min, the company initially focused on developing mobile titles for the South Korean market and gained recognition with its mobile game Destiny Child, published in 2016.

The company owns a subsidiary, Shift Up Second EVE Studio, which focuses on developing AAA console and PC video games. Its first project, Stellar Blade, was announced in 2019. In 2021, Sony Interactive Entertainment acquired the marketing rights for Stellar Blade, and it was released as a PlayStation 5 exclusive in April 2024. In December 2022, Tencent acquired a 20% stake in Shift Up, becoming the company's second-largest shareholder.

Shift Up will list on July 11, 2024, on the Korea Stock Exchange. The firm is selling 7.25 million shares at the price of KRW 60,000 each. The expected market capitalization at offer is KRW 3.48 trillion (USD 2.57 billion). The total offer size is KRW 435 billion (USD 320.77 million). The offering is managed by JP Morgan, Korea Investment & Securities Co., and NH Investment & Securities Co.

Innospace Co Ltd (Ticker: 462350 KS) is a South Korean aerospace/defense company that designs, develops, and manufactures suborbital and orbital launch vehicles, sounding rockets, hybrid rocket engines, and rocket components. Innospace Co Ltd will list on July 2, 2024, on the KOSDAQ exchange in South Korea. The firm is selling 1.33 million shares at the price of KRW 43,300 each. The expected market capitalization at offer is KRW 406.16 billion (USD 298.00 million). The total offer size is KRW 57.59 billion (USD 42.25 million). The offering is managed by Mirae Asset Securities. A one-year lockup period applies to 140,400 shares owned by shareholders and the Employee Stock Ownership plan.

Gridwiz Co Ltd (Ticker: 453450 KS) is an energy company that distributes electric power in South Korea. The company was founded in March 2013. Gridwiz Co Ltd will list on June 14, 2024 on the KOSDAQ exchange in South Korea. The firm is selling 1,400,000 shares at a price of ₩40,000. The expected market capitalization at offer is ₩317.89 billion (USD 233.23 million). The total offer size is ₩56.00 billion (USD 41.09 million). The offering is managed by Samsung Securities Co Ltd.

HD Hyundai Marine Solution Co Ltd (Ticker: 443060 KS) is an engineering and R&D services company based in South Korea. The company is set to list on the Korea SE on May 9, 2024. HD Hyundai Marine Solution Co Ltd plans to offer 8.90 million shares at a price of KRW 83,400 each. The expected market capitalization at the time of offer is KRW 3.71 trillion (USD 2.76 billion), and the total offer size is KRW 742.26 billion (USD 552.84 million).
The IPO is being managed by JP Morgan Securities (Far East) Ltd, KB Securities Co Ltd, and UBS Securities Pte Ltd/South Korea. Notably, the IPO includes a retail share range of 2.225 million to 2.67 million shares, and a placing share range of 4.895 million to 6.675 million shares, with a bookbuilding period for foreign investors scheduled from April 8, 2024, to April 22, 2024.

Samhyun Co Ltd (Ticker: 437730 KS) is a South Korea-based company specializing in the design and manufacturing of parts, primarily for the electric vehicle industry, e.g. smart actuators and power units. The company serves the automotive, shipbuilding, robot, defense, and aviation industries. Samhyun Co Ltd is set to list on the KOSDAQ on March 21, 2024. The company plans to offer 2 million shares at a price of KRW 30,000 per share. The expected market capitalization at offer is KRW 317.08 billion (USD 238.50 million), with a total offer size of KRW 60.00 billion (USD 45.13 million). The offering is managed by Korea Investment & Securities Co. Notably, there will be 132,000 shares locked up for an Employee Stock Ownership Plan (ESO Plan) for one year after the deposit date.

APR Corp (Ticker: 278470 KS) is a South Korean company operating in the cosmetics and personal care industry, known for integrating technology with beauty products. Founded in 2014, APR has quickly become a leader in the beauty tech market, primarily through its flagship beauty device brand, Medicube AGE-R. This product line, launched in 2021, has achieved global sales of over 1.68 million devices, targeting issues like sagging facial muscles, eyelid wrinkles, and subcutaneous fat. Medicube, which is one of the company's six product brands, captured 32 percent of South Korea's beauty tech market last year. APR's diverse brand portfolio also includes Aprilskin, Forment, Glam.D, and the fashion brand Nerdy, with a significant 36 percent of its 5 million online platform members located internationally. The company's ambition is to expand its market presence globally, focusing on the United States and Southeast Asia, while also planning to enter new markets in Europe, the Middle East, and South America.
APR Corp is expected to list on February 26, with a market capitalization at offer of KRW 1.90 trillion (approximately USD 1.46 billion). The company is offering 379,000 shares at a price of KRW 250,000 per share (USD 191.90), aiming to raise KRW 94.75 billion (approximately USD 72.73 million). The offering is managed by Hana Financial Investment Co Ltd and Shinhan Investment Corp. This IPO will support the company's plans to build new plants, foster R&D, and enhance its capacity for producing home beauty devices, aiming for significant growth in its supply capacity and further technological advancements in its products.

INICS Corp (Ticker: 452400 KS) is a South Korea-based company specializing in the manufacture and marketing of electric vehicle secondary battery parts. Founded on May 10, 1984, the company's product range includes supplying battery cell pads, fireproof bulkheads, and other related items. INICS primarily markets its products throughout Korea, with some overseas presence.
INICS Corp will list on February 1, 2024, on the KOSDAQ in South Korea. The firm is offering 3 million shares at an offer price of KRW 14,000 per share. The expected market capitalization at the offer is KRW 127.26 billion (USD 97.35 million), and the total offer size is KRW 42.00 billion (USD 32.13 million). The offering is managed by Samsung Securities Co Ltd.

DS Dansuk Co Ltd (Ticker: 017860 KS) is a South Korean company engaged in the environmental services sector, focusing on non-hazardous waste disposal. The company operates in various areas of resource recycling, including bioenergy, plastic recycling, and battery recycling. DS Dansuk highlights its commitment to sustainable and eco-friendly waste management practices.

The company is expected to list on the Korea SE on December 22, 2023. DS Dansuk is offering 1.22 million shares at a price of KRW 100,000 per share, aiming to raise KRW 108.58 billion (USD 83.70 million). The expected market capitalization at offer is KRW 586.14 billion (USD 451.86 million). The offering is managed by KB Securities Co Ltd and NH Investment & Securities Co Ltd.

LS Materials Ltd (Ticker: 417200 KS) is a South Korean company in the electronics industry. The parent company LS Group spun off from tech conglomerate LG Group in 2003 and the firm is still controlled by the founding family of LG. LS Group is known for its production of EV batteries, battery materials and copper cables, while the LS Materials unit (spun off in 2021) specializes in ultracapacitors used in various electrical applications, such as the automotive industry, trains, power grid systems.

LS Materials Ltd will list on December 12, 2023, on the KOSDAQ exchange. The firm plans to sell 14.63 million shares at an offer price of KRW 6,000 per share (USD 4.4328). The expected market capitalization at the offer is KRW 405.92 billion (USD 299.89 million). The total offer size is KRW 87.75 billion (USD 64.83 million). The offering is managed by KB Securities Co Ltd and Kiwoom Securities Co Ltd.

ASTech Co Ltd (Ticker: 453860 KS) is a South Korean company in the chemicals industry, specializing in the development and production of organic UV filters for the cosmetics industry (e.g. sunscreen) and active pharmaceutical ingredients (APIs). The company is set to list on the KOSDAQ exchange on November 28, 2023, in South Korea. ASTech Co Ltd plans to offer 1.41 million shares at an offer price of KRW 28,000 per share. The expected market capitalization at offer is KRW 158.40 billion (USD 117.09 million), with a total offer size of KRW 39.40 billion (USD 29.12 million). Mirae Asset Securities is managing the offering. The offering includes a mix of primary shares (59.99%, 844,000 shares) and secondary shares (40.01%, 563,000 shares). The IPO details also include a retail share range of 0.35175M-0.4221M and placing shares range of 0.9849M-1.05525M. There is also an employee stock ownership plan set for April 13, 2024, with 1.091 million shares for advisors and stakeholders under a 6-month lockup, and 0.26376 million shares for advisors and selling stakeholders under a 3-month lockup.

Ecoeye Co Ltd (Ticker: 448280 KS) is an Environmental Consulting & Engineering company based in Seoul, South Korea. Specializing in carbon credit provision, the company has over fifteen years of experience in emission reduction project development, carbon trading, and advisory services related to the Korea Emission Trading Scheme (ETS) and market analysis. Ecoeye Co Ltd focuses on developing international offset credits and assists in establishing strategic measures for compliance entities to meet ETS targets. They also provide suggestions to the government on operating ETS-related policies and regulations.

Ecoeye Co Ltd will list on November 21, 2023, on the KOSDAQ. The company is offering 2.08 million shares at the price of KRW 34,700 each. The expected Market Capitalization at offer is KRW 342.95 billion (USD 256.63 million). The total offer size is KRW 72.14 billion (USD 53.98 million). The offering is exclusively composed of primary shares and is managed by KB Securities Co Ltd.

Dong In Entech Co Ltd (Ticker: 111380 KS) is a South Korean apparel company specializing in the design, production, and sale of various types of bags including camping backpacks, outdoor backpacks, leisure bags, and golf bags. The company, founded in 1992, also produces straps and other related products, combining lightweight high-strength aluminum processing technology with ergonomic sewing techniques. Dong In Entech operates globally, with its headquarters in Gyeonggi-do, South Korea, and additional offices in Seoul, South Korea, as well as international locations in the Philippines and Vietnam.

Dong In Entech Co Ltd will list on November 21, 2023, on the Korea Stock Exchange. The firm is selling 1.47 million shares at the price of KRW 30,000 each. The expected Market Capitalization at offer is KRW 192.30 billion (USD 142.46 million). The total offer size is KRW 44.11 billion (USD 32.68 million). The offering is managed by NH Investment & Securities Co Ltd. This IPO includes both primary shares (76.71%, 1.13 million) and secondary shares (23.29%, 342.40 thousand).

Stormtec Co Ltd (Ticker: 352090 KS) is a South Korean company focusing on the production of components for water purifiers, drinking water dispensers, and other water-related products such as refrigerators, bidets, plant growers, and coffee machines. The company's main products include fittings, valves, tubes, and safety faucets for various appliances.

Stormtec Co Ltd will list on the KOSDAQ on November 20, 2023. The firm plans to sell 3.35 million shares at an offer price of KRW 11,000 (USD 8.3061) per share. The expected Market Capitalization at the offer is KRW 147.80 billion (USD 111.61 million), with a total offer size of KRW 36.85 billion (USD 27.83 million). The offering is managed by HI Investment & Securities Co Ltd. Notably, there is a 3-month lockup for 90,909 shares owned by advisors.

Ecopro Materials Co Ltd (Ticker: 450080 KS) is an Electronics industry company specializing in the production of cathode material precursors, crucial for lithium secondary batteries, often used in electric vehicles. The company operates out of South Korea. Ecopro Materials Co Ltd is scheduled to list on the Korea Stock Exchange on November 17, 2023. The company plans to sell 11.58 million shares at an offer price of KRW 36,200 each. The expected Market Capitalization at offer is KRW 2.47 trillion (USD 1.85 billion). The total offer size is KRW 419.22 billion (USD 313.71 million). The offering is managed by Mirae Asset Securities and NH Investment & Securities Co Ltd. Notably, Ecopro Materials reduced its IPO size and priced its stock at the lower end of the initial range due to subdued demand, particularly influenced by the current market outlook in the EV sector. Parent Ecopro Co. holds nearly 54% of Ecopro Materials.

ASICLAND Co Ltd (Ticker: 445090 KS) is an electronics company specializing in the manufacturing and provision of Application-Specific Integrated Circuits (ASICs) for various industries including AI, 5G, Blockchain, and IoT. They are part of the TSMC Value Chain Alliance (VCA) and an ARM Approved Design Partner (ADP). ASICLAND offers a range of services from specification to mass production, focusing on SoC Design and Integration, IP Customization, and System Level Design Service. ASICLAND is set to list on the KOSDAQ on November 13, 2023, in South Korea. The company is offering 2.64 million shares at a price of KRW 25,000 per share, with an expected market capitalization at offer of KRW 264.94 billion (USD 199.77 million). The total offer size is KRW 65.91 billion (USD 49.69 million). Samsung Securities Co Ltd is managing the offering. Additionally, there is a three-month lockup period for 52,356 shares owned by advisors.

Contec Co Ltd (Ticker: 451760 KS) is a South Korean company specializing in satellite ground station services and satellite image processing, initially established as a spin-off from the Korea Aerospace Research Institute (KARI), a government institution dedicated to aerospace research and the development of satellite technology. Contec is expanding its operations by building a global network of ground stations and plans to develop and operate its own fleet of Earth observation satellites. The company is poised for a public offering on the KOSDAQ in South Korea on November 9, 2023. Contec Co Ltd aims to sell 2.06 million shares at KRW 22,500 per share. The expected market capitalization at the offer is KRW 323.75 billion (USD 243.88 million), with a total offer size of KRW 46.35 billion (USD 34.92 million). Managed by Daishin Securities, the IPO includes a two-month lockup period post-merger date for 1.829 million shares owned by shareholders and advisors, and a three-month lockup for 0.93 million shares.