Mirae Asset and KB dominate South Korea's IPO market

In the first half of 2025, South Korea witnessed significant activity in the initial public offering (IPO) market, reflecting a robust investment climate. Mirae Asset Securities and KB Securities emerged as the top players, dominating the market in terms of both deal count and total offering value. Mirae Asset underwrote a total of nine IPOs, including a significant deal for Seoul Guarantee Insurance, a major player in the guarantee sector of the country. This performance positioned Mirae Asset as a leader in the number of deals completed. Despite Mirae Asset leading in deal count, KB Securities excelled in total offering amount, raising approximately $919 million. Mirae Asset followed with $254 million, while Samsung Securities managed $208 million. This discrepancy highlights the different strategies employed by the two firms; while Mirae Asset focused on securing a higher number of deals, KB concentrated on larger offerings. Investors have shown a positive response, contributing to the overall growth of the IPO market, as total proceeds jumped over 30% year-on-year to $1.6 billion compared to $1.2 billion in the first half of 2024. Notably, the largest IPO in South Korea for the year occurred with LG CNS, which brought in about $440 million. Both Mirae Asset and KB Securities played a pivotal role in facilitating the LG CNS IPO, showcasing their significant influence in the market. The strong performance and investor interest signal a thriving IPO landscape and pave the way for an active second half of the year. Looking ahead, the competition between Mirae Asset and KB Securities is expected to intensify as they prepare for additional high-profile IPOs. Mirae Asset plans to underwrite Pinkfong Co., known for its highly successful children's entertainment content, projected to debut with a market capitalization of about $1.5 billion. Meanwhile, KB Securities is set to engage in the IPO of Daehan Shipbuilding, which is anticipated to launch with a market capitalization of approximately $1.18 billion. This competitive dynamic indicates a vibrant future for the IPO sector in South Korea as established firms continue to explore opportunities for growth.