K-beauty firms rush to IPO as Kospi rally fuels valuation
The Korean stock market is on a tear, and beauty companies are eager to capitalize on the momentum.
The Kospi’s rally, breaking past 4,800 on Friday, has stirred a frenzy among investors and issuers eager to lock in lofty valuations, just as cosmetics exports topped $11 billion last year for the first time, a record high.
The latest, and potentially biggest, entrant is Goodai Global, often compared to France’s L’Oreal for its acquisition-led, multibrand strategy. Founded in 2015, it has built its reputation through aggressive acquisitions, assembling a portfolio of more than 10 brands, including Beauty of Joseon and TirTir. A successful listing would arm the company with fresh capital to pursue more deals and accelerate its global push, industry watchers predict.
The company recently sent out requests for proposals to select lead underwriters and is expected to choose its underwriters in late January. Market estimates put its potential valuation at more than 10 trillion won ($6.8 billion).
That valuation threshold was most recently crossed by APR in November 2025, after it listed in February 2024, overtaking longtime leader Amorepacific to become the most valuable K-beauty firm.
In 2024, Goodai’s revenue rose 137 percent to 330.9 billion won ($225 million), with about 90 percent generated overseas, and would have been closer to 1 trillion won if the sales of TirTir and Craver Corporation had been included for the full year. Market estimates show the topline may climb further in 2025 once the recently acquired Serin Company and Skinfood are fully consolidated.
“Its core edge is a portfolio of brands proven in online channels, with heavy traffic on platforms like TikTok driving rapid global recognition and spilling over into deals with major offline retailers,” said a researcher at a Seoul-based securities firm. “A balanced geographic portfolio is another strength, with each major brand focused on different core markets, limiting exposure to any single region.”
Skepticism persists over the company’s double-digit-trillion valuation.
“What really matters is whether sales can keep growing at a strong pace,” one industry insider said. “The growth of key brands like TirTir and Beauty of Joseon will be crucial, and if long-term growth settles in the 20 percent to 30 percent range, as some estimates suggest, it becomes harder to justify a very high valuation multiple.”
Other K-beauty upstarts are beginning to circle the stock market as well. Benow, which runs brands such as Numbuzin and Fwee, appointed Samsung Securities as its lead underwriter and is preparing for a listing this year.
With revenue doubling in 2024 to 266.4 billion won, the company’s market debut is being framed as an opportunity to build something more durable than a balance sheet. “Going public isn’t just about funding but about making the company visible and drawing in strong talent,” said CEO Kim Dae-yeong.
BNB Korea, an original equipment and design manufacturer owned by Seoyoung e&t Co., the holding company at the top of HiteJinro’s ownership structure, has also joined the queue, aiming for a market debut in the second half of this year. On the distribution front, Grace and Asia BNC are lining up for IPOs this year.
Upcoming listings are only adding to the market’s exuberance. Aromatica staged a spectacular debut on the Kosdaq in November 2025, with its shares soaring more than 300 percent above the IPO price on the first day, while D’Alba Global, which listed on the Kospi in May 2025, saw its market value more than triple within three months.
“With the Kospi at record levels, companies feel the window is wide open,” said one industry official. "K-beauty’s global presence is set to deepen if newly raised funds are directed toward overseas marketing and the build-out of local distribution networks."
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