[Edaily Reporter Hyera Lee ] Expectations for major initial public offerings (IPOs) in the second half of the year are reviving. With Sono International filing for a preliminary review to list on the KOSPI, all eyes are on whether this will breathe new life into the KOSPI IPO market, which had been sluggish in the first half of the year.

According to the securities industry on the 2nd, Sono International submitted an application for a preliminary listing review to the Korea Exchange (KRX) on the 29th of last month to list on the KOSPI.
This marks the first attempt at a KOSPI listing in about seven months, following Kbank’s preliminary review application last November. Given that there have been no new KOSPI listings this year—excluding Kbank—the industry is interpreting Sono International’s preliminary review application as a signal that large-scale IPOs are resuming. Considering that a KOSPI listing typically takes about four months from the preliminary review application to the actual listing, it is highly likely that Sono International will go public before the end of the year.
Sono International is the hotel and resort operating arm of the Sono Trinity Group. The market values Sono International at approximately 3 trillion won, and observers believe that a successful listing could help revive the sluggish KOSPI IPO market.
In addition, several major companies are planning KOSPI listings in the second half of the year, including: △ Fashion Platform Co.,Ltd. “Musinsa”; △ the cosmetics manufacturer and distributor “Gudai Global”; △ “SB Sunbo,” a specialist in large-vessel equipment; △ the cloud and AI infrastructure service provider “Megazone Cloud”; and △“PR&D Company,” the operator of the domestic used-car sales platform “HeyDealer,” are all pursuing KOSPI listings, which is expected to serve as a catalyst for improving the IPO market sentiment.
However, the issue of dual listings remains a potential variable. As of the end of March, Sono International held a 41.95% stake in its consolidated subsidiary TWAYAIR(091810) and a 46.26% stake in T'way Holdings(004870), both of which are listed on the KOSPI.
Earlier this March, the government announced plans to tighten regulations on dual listings, effectively putting the brakes on the listings of key subsidiaries. To date, detailed guidelines regarding parent company listings remain unclear. However, given that shareholder concerns could arise that a parent company’s listing might undermine the corporate value of its already-listed subsidiaries, it is difficult to completely rule out the possibility that dual-listing regulations will once again become a key issue.
Kang Young-hoon, an analyst at SamsungSecurities, explained, “If Sono International’s IPO is successful, it is expected to further alleviate the trend of insufficient public offering proceeds in the KOSPI market that has persisted throughout the first half of the year,” adding, “The Sono International case could serve as a benchmark for gauging the severity and scope of the authorities’ dual-listing regulations in the future.”
Choi Jong-kyung, an analyst at HEUNGKUK METALTECH CO.,LTD., noted, “With the announcement of the dual-listing guidelines delayed, the overall listing schedule has come to a standstill,” adding, “I believe companies seeking to list on the KOSPI market must begin submitting their applications by July or August to be able to list within this year.”
Meanwhile, four companies are set to make their debut on the KOSDAQ market this month: Madup (listing on the 1st), Lemon Healthcare, Remedy, and HL Genomics. Six other companies—K&S I&C Technology Co., Ltd., Delicious, Big Wave Robotics, Near Labs, HatchTech, and Gido Industries—are also scheduled to conduct institutional bookbuilding this month.