The stock with the largest decline since its listing is #Hanpass, which has fallen 58.37% from its IPO price. Following this, #S-Team (-45.88%), #K-Bank (-34.34%), #Chaebi (-37.89%), #Inventera (-33.73%), and #Poled (-23.30%) are all trading significantly below their IPO prices.

Only four companies are trading above their IPO price: #MachinaRaks (47.67%), #CosmoRobotics (300.0%), #LicenseMedical (68.09%), and #Axbis (19.13%).

Judging solely by the atmosphere on the first day of listing, this year was hotter than ever. Among the 14 companies listed this year, six recorded a fourfold return on their first day of trading. Even among the four companies listed through SPAC mergers, two closed at the daily price limit on their first day.

In particular, companies that went public last May all quadrupled in value on their first day, drawing significant market attention. Investor interest in the IPO market continued as both institutional bookbuilding and retail subscription competition rates remained high.

However, the mood has shifted dramatically this month. This is due to a weakening appetite for risk assets, driven by a combination of factors including concerns over U.S. interest rate hikes, geopolitical risks in the Middle East, and exchange rate volatility.

As for the remaining IPOs in the first half of the year, in addition to Peace Peace Studio, which listed today, Justech (29th) and StradVision (30th) are set to make their KOSDAQ debuts this month. Big Wave Robotics, Madup, and Lemon Healthcare are also scheduled to conduct institutional bookbuilding and public subscriptions this month.

Meanwhile, some observers note that despite the enthusiasm in the IPO market, the market’s overall scale remains contracted. In May, the average competition ratios for institutional bookbuilding and public subscription were 1,274-to-1 and 2,664-to-1, respectively—significantly higher than the average over the past nine years—but only three companies actually listed.

The total offering amount during this period was also 77.5 billion won, just one-tenth of the average for the same month in previous years (584.2 billion won). With investor interest high but actual IPO supply limited, and compounded by the recent stock market correction, the public offering market is expected to remain in a wait-and-see mode this month.

Park Jong-seon, an analyst at Eugene Investment & Securities, stated, “Although investor interest was high last month, as evidenced by the institutional book-building and retail subscription competition ratios far exceeding historical averages, the number of listed companies and the scale of offerings remain sluggish,” adding, “We expect the wait-and-see sentiment in the IPO market to continue in June.”