Daishin Securities recorded approximately 180 billion won in IPO lead underwriting recognition during the first half of the year from two general corporate deals, and is pursuing a turnaround in the second half through the Sono International listing. The securities firm attributes the first-half underperformance to stricter listing審査 by Korea Exchange (KRX) and delayed announcement of dual-listing guidelines, which pushed審査 schedules for prepared companies into the second half. The domestic IPO market contracted overall during the first half as multiple companies postponed listing schedules amid strengthened KRX審査 standards and uncertainty surrounding dual-listing regulation directions, though competing securities firms secured both large-scale transactions and small-to-mid-sized IPOs in the limited market.
Daishin Securities Manages Two General Corporate IPOs in First Half
Daishin Securities led two general corporate IPOs during the first half: Chaebi and Hanpass, according to the financial investment industry on the 20th. Chaebi conducted a public offering at a 138 billion won scale, while Daishin Securities received recognition for approximately 42 billion won as co-lead underwriter out of Hanpass's total 209 billion won offering amount. Including SPACs, Daishin Securities' first-half IPO lead underwriting performance stands at three deals totaling approximately 310 billion won.
Company Cites KRX審査 Strengthening and Guideline Delays
A Daishin Securities official stated that the first-half underperformance does not stem from weakened IPO competitiveness. The official explained, "The listing difficulty for companies has significantly increased due to Korea Exchange's strengthened審査," adding, "As the dual-listing guideline announcement was delayed, preliminary審査 requests and審査 schedules for some companies were also postponed together."
Daishin Securities Pursues Nine IPO Deals in Second Half Pipeline
The company is pursuing a total of nine IPOs in the second half, including two companies that have received審査 approval or are preparing to submit securities registration statements, and seven companies proceeding with審査 requests, according to the Daishin Securities official. The official added, "Large-scale transactions including Sono International are scheduled, so we expect second-half performance improvement."
Sono International Estimated at 3 Trillion Won Valuation
The core transaction determining Daishin Securities' second-half IPO performance is Sono International. Mirae Asset Securities and Daishin Securities serve as co-lead underwriters, with the market estimating Sono International's corporate value at approximately 3 trillion won and the offering size at around 800 billion won. If Sono International enters the securities market within the year as planned, Daishin Securities has the possibility of immediately recovering from first-half underperformance.
Dual-Listing Regulations Not Expected to Directly Impact Sono International
Dual-listing regulations are observed not to become a direct obstacle to Sono International's listing. The recently prepared guidelines target the form where a listed parent company lists an unlisted subsidiary as the main regulatory subject. The industry interprets that so-called "reverse dual-listing," where an unlisted parent company holding listed subsidiaries enters the stock market like Sono International, is distant from direct regulatory targets.
A financial investment industry official stated, "Since Sono International has the structure where an unlisted parent company holding listed subsidiaries pursues listing, the possibility that dual-listing regulations will directly affect the schedule is not large."
Industry Notes Over-Reliance on Single Large Transaction
The excessively high dependence on the single Sono International deal remains a burden. Industry observers note that for Daishin Securities to prove corporate finance competitiveness after comprehensive securities firm designation, the company must stably accumulate performance not only from the Sono International listing but also from the small-to-mid-sized and mid-tier corporate IPO pipeline.
FAQ
What IPO deals did Daishin Securities manage in the first half of the year?
Daishin Securities managed two general corporate IPOs during the first half: Chaebi with a 138 billion won offering scale, and Hanpass where Daishin received approximately 42 billion won recognition as co-lead underwriter out of the total 209 billion won offering. Including SPACs, the firm's first-half IPO lead underwriting totaled three deals with approximately 310 billion won in recognition.
Why did Daishin Securities attribute the first-half underperformance to external factors?
A Daishin Securities official explained that Korea Exchange's strengthened審査 significantly increased listing difficulty for companies, and the delayed announcement of dual-listing guidelines postponed preliminary審査 requests and審査 schedules for some companies into the second half.
What is the estimated valuation and offering size for Sono International?
The market estimates Sono International's corporate value at approximately 3 trillion won and the offering size at around 800 billion won, with Mirae Asset Securities and Daishin Securities serving as co-lead underwriters.
