Korean IPO market heats up in 2024 with nine debuts

[Image source: Gettyimagesbank]

South Korea’s initial public offering (IPO) market is expected to continue to gain traction in the New Year, with nine companies hoping to make debuts on the local stock markets.

According to multiple sources from the brokerage industry on Tuesday, nine companies, excluding special purpose acquisition companies (SPACs) are expected to decide on their stock offering prices in January. The companies are Posbank Co., Woojin Engineering & Technology Inc., Hyundai HYMS Co., HB Investment Inc., INICS, COXEM Co., Kweather Co., Studio Samick Co., and APR Corp.

Posbank will start the rally by holding a bookbuilding session between January 5 and 11. The kiosk machine manufacturer, founded in 2003, said its desired price range is between 13,000 won ($9.9) and 15,000 won. Hana Securities Co. will lead the IPO.

Woojin Engineering & Technology, Hyundai HYMS, and HB Investment will hold bookbuilding sessions on January 8.

Woojin Engineering & Technology specializes in the maintenance of nuclear power plant instrumentation and control equipment. Its desired price starts from 4,300 won.

HB Investment, a first-generation venture capital (VC) firm established in 1999, is hoping to price its shares at between 2,400 won and 2,800 won, with an aim to raise 75.2 billion won based on the top price.

Hyundai HYMS, a shipbuilding equipment company founded in 2008, is hoping to price its shares at between 5,000 won and 6,300 won.

Secondary battery safety parts maker INICS will hold a bookbuilding session between January 11 and 17, with scanning electron microscope (SEM) company COXEM and weather big data platform Kweather ready to follow suit from January 12 to 18.

IPO analysts expected the beauty tech company APR to be the largest IPO among others, which will invite institutional investors for a bookbuilding session between January 22 and January 26.

Established in 2014, APR has expanded its business from cosmetics to beauty devices. The company hopes to price its shares at between 147,000 won and 200,000 won.