South Korean stocks' IPO market is drawing attention as Sono International, a hotel and resort operator under Sono Trinity Group, applied for preliminary listing review with the Korea Exchange on the 26th of last month, with an expected corporate value reaching around 3 trillion won. The move comes as the second-half IPO market seeks to reverse the first-half contraction, when new listings dropped to 17 companies (excluding SPAC mergers and transfers) from 38 in the same period last year, as funds concentrated in semiconductor large-cap stocks despite overall market strength. Mirae Asset Securities and Daishin Securities serve as joint lead underwriters for Sono International's listing, while other major IPO candidates including K-beauty firm Gooday Global (targeting 10 trillion won valuation), fashion platform Musinsa (targeting 10 trillion won valuation), and AI company Upstage (seeking minimum 3 trillion won valuation) are also preparing listings.
Sono International Targets 3 Trillion Won Valuation in Second-Half IPO Push
According to the securities industry on the 8th, Sono International applied for preliminary review for listing on the securities market with the Korea Exchange on the 26th of last month. Mirae Asset Securities and Daishin Securities are joint lead underwriters. The market estimates the expected corporate value will reach around 3 trillion won.
Sono International operates Sono Hotels & Resorts, ski resort Vivaldi Park, water park Ocean World, and Sono Felice Country Club with golf courses. Last year's revenue and operating profit reached 968.8 billion won and 248.2 billion won respectively, achieving the largest operating results in history. The operating profit margin has exceeded 20% annually. Last year the company acquired Trinity Air (formerly T'way Air), expanding its business territory into aviation. After the airline acquisition, the company presented an integrated travel platform linking aviation and accommodation as a growth axis.
This IPO represents effectively the third attempt. Sono International pursued a listing in 2019 but abandoned the plan as the hotel and resort industry deteriorated due to COVID-19 spread. Last year the company also prepared for stock market entry but postponed the schedule in August.
The securities industry expects Sono International will pursue around 800 billion won in public offering with a corporate value of around 3 trillion won through this listing push. Industry observers point out that the key to success will be how convincingly the company presents the profitability of its core business and growth potential of new businesses, overcoming criticisms of the relatively low valuation of the hotel and leisure sector and financial burden of the aviation subsidiary.
Gooday Global, Musinsa, and Upstage Prepare Trillion-Won Listings
Another major IPO candidate is K-beauty company Gooday Global. The company owns brands including Joseon Beauty, TirTir, Skin1004, and Round Lab, earning the nickname "Korea's L'Oréal."
Gooday Global has expanded brands and scale through aggressive mergers and acquisitions (M&A). Last year the company recorded consolidated revenue of 1.4717 trillion won and operating profit of 273.4 billion won. Over 90% of revenue came from overseas. The company is preparing for listing with Mirae Asset Securities as lead underwriter, and NH Investment & Securities, Citigroup Global Markets Securities, and Morgan Stanley as joint underwriters. The corporate value target is reportedly 10 trillion won.
The securities industry observes there is no reason to delay listing given the K-beauty boom.
Musinsa, the number one domestic fashion platform company, is also a major IPO candidate drawing attention in the second-half IPO market. Musinsa is expanding business beyond the online fashion platform to its own brands, offline stores, and global expansion.
Last year's consolidated revenue reached 1.4679 trillion won, up 18.1% year-over-year. Operating profit reached 140.5 billion won, up 36.7% year-over-year. Particularly, the company recorded a compound annual growth rate (CAGR) of 27.5% from 2022 to 2025, with revenue doubling in three years.
Musinsa selected Citigroup Global Markets Securities and Korea Investment & Securities as lead underwriters at the end of last year, and included JP Morgan and KB Securities as joint underwriters while preparing the IPO. The market reports the company is pursuing listing with a corporate value target of 10 trillion won. Musinsa reportedly received recognition of approximately 4 trillion won corporate value when EQT Partners purchased existing shares in April last year.
Artificial intelligence (AI) company Upstage is also mentioned as a major IPO candidate to gauge investment sentiment for growth stocks. The company independently developed a Korean large language model (LLM) and also secured portal Daum through acquisition. Last month the company acquired AI agent platform Timely, establishing a business structure spanning from AI model development to distribution channels and agent platforms.
Upstage is preparing for listing with KB Securities and Mirae Asset Securities selected as lead underwriters in December last year. Recently the company also added foreign investment bank (IB) UBS as an underwriter. The company reportedly seeks a corporate value of at least 3 trillion won.
First-Half Korean Stocks IPO Market Contracts to 17 New Listings
The market's focus on second-half major IPOs stems from the contraction of the IPO market despite this year's first-half unprecedented bull market in Korean stocks. According to the Korea Exchange, first-half new listings on KOSPI and KOSDAQ totaled 17 companies (excluding SPAC mergers and transfer listings). This falls short of even half the 38 companies in the same period last year. Particularly, K-Bank was the only new KOSPI listing.
Tae Yoon-seon, KB Securities researcher, stated: "The IPO market generally tends to follow the stock market boom, but recently showed relative neglect as funds concentrated in some large-cap stocks such as semiconductors, and new listing stock price trends also showed sluggish flows." The researcher added: "In the first half of 2026, aside from K-Bank, there were no trillion-unit large deals, and the possibility of 5-6 large IPO pursuits is being discussed, but currently only Sono International is proceeding with listing procedures targeting the second half."
Under these circumstances, analysts assess that the success of Sono International, which stepped forward as the first runner, will have a significant impact on the future direction of the IPO market. If Sono International succeeds, it could serve as an opportunity for other trillion-unit major IPO candidates exploring market sentiment reversal to accelerate listing procedures.
FAQ
What did Sono International do on the 26th of last month?
Sono International applied for preliminary listing review with the Korea Exchange on the 26th of last month, with Mirae Asset Securities and Daishin Securities serving as joint lead underwriters. The market estimates the expected corporate value will reach around 3 trillion won.
Why is the second-half Korean stocks IPO market drawing attention?
The second-half IPO market is drawing attention because the first-half saw only 17 new listings (excluding SPAC mergers and transfers) compared to 38 in the same period last year, as funds concentrated in semiconductor large-cap stocks. Major IPO candidates including Sono International (3 trillion won), Gooday Global (10 trillion won target), Musinsa (10 trillion won target), and Upstage (minimum 3 trillion won) are preparing listings to reverse the contraction.
How did Musinsa perform last year?
Musinsa recorded consolidated revenue of 1.4679 trillion won (up 18.1% year-over-year) and operating profit of 140.5 billion won (up 36.7% year-over-year) last year. The company achieved a compound annual growth rate of 27.5% from 2022 to 2025, doubling revenue in three years.
