Although KOSPI breaks through 6,000 points, the IPO market still faces a cold spell; March listing expectations heat up

Although the KOSPI index broke through 6,000 points with an active upward trend, the initial public offering (IPO) market still remains sluggish. According to data from the Korea Exchange, no new stocks were listed on the Korea Exchange and KOSDAQ market in February this year. This is a stark contrast to the beginning of last year—when five companies listed in January and eleven in February.

Analysts believe that this downturn is due to increased supply of listings at the end of last year and the seasonal low season in February, compounded by the traditional Chinese New Year holiday. Additionally, the exchange’s development of guidelines for repeated listing reviews has become a market variable. For example, Essex Solutions, a subsidiary of LS Group, withdrew its listing application in January this year due to disputes over repeated listings.

However, this sluggishness seems to be about to change. The market widely expects the IPO market to regain momentum starting in March. With K Bank scheduled to go public on March 5 on the Korea Exchange, its public offering subscription has already achieved a high competition rate of 134.6:1, reflecting strong investor interest. Moreover, several companies such as Kanaph Therapeutics and ESTEEM are lining up to go public, indicating a positive shift in market sentiment.

Experts predict that strengthening the mandatory lock-up period system for institutional investors will improve the supply and demand environment. Particularly, companies that have passed the initial growth phase and entered maturity are expected to achieve significant results amid increased market volatility in 2026. This trend suggests that the IPO market is poised for a recovery and greater vitality.