Toss Parent Viva Republica Delays Nasdaq ADR Listing, Eyes 10T-20T Won Valuation

According to Seoul Economy, Viva Republica (the parent company of Toss) is postponing its planned Nasdaq ADR listing that was targeted for 2026. The company originally aimed for a valuation of 10 trillion to 20 trillion Korean won through the listing this year but decided to take more time to secure an appropriate valuation.

Market analysts attributed the delay partly to concerns from the South Korean government regarding domestic unicorn companies prioritizing overseas listings over domestic IPOs. Viva Republica's sequential listing plan, which originally envisioned a U.S. listing followed by a domestic IPO, is now under review.