Only one company has joined the KOSPI in 2026: Kbank, in March. Seoul Economic Daily reports that the year could end with no more than two new listings. Citing Korea Exchange data, it says 2000 was the only previous year with two or fewer, excluding SPACs and REITs. The count was four in 2022, five in 2023 and seven in both 2024 and 2025.

A narrowing pipeline

Estec System withdrew its application in early October. The newspaper linked the withdrawal to unresolved questions about its employee welfare fund becoming the largest shareholder. It also reported that Musinsa and Sono International’s reviews were effectively on hold amid tax audits. These are reported explanations, not findings of wrongdoing.

The same report describes an uncertain 2027 outlook: conglomerate subsidiaries face duplicate-listing restrictions, while AI companies Rebellions and Upstage are weighing listing venues amid a policy push toward the KOSDAQ. Read the 12 October report ↗

SFC moves a step closer

SFC, an OLED materials manufacturer, received preliminary listing approval on 15 October, following its 24 July application. Its proposed offering comprises 5 million shares out of approximately 20.3 million shares expected to be listed. Mirae Asset Securities and Korea Investment & Securities are the underwriters.

Seoul Economic Daily reports a market-estimated valuation of around KRW 1tn, against FY2025 revenue of KRW 160.8bn and operating profit of KRW 21.7bn. That estimate is not a confirmed offer valuation. A year-end listing remains possible if the company files its securities registration statement and proceeds with the offering; preliminary approval alone does not guarantee completion. Read the 15 October report ↗

The LASQUAD view

A narrower IPO window can extend holding periods and increase demand for secondary liquidity. For shareholders and prospective buyers, the practical question is how to agree a price when the timing of a public exit is uncertain.

Secondary transactions can provide useful pricing evidence, but an isolated trade is not a market-wide valuation. Share class, transfer restrictions, transaction size and seller circumstances all matter. Clear terms and transparent pricing become more important when liquidity is limited.

Market status reflects the reports available as of 19 October 2026. Listing plans and timetables may change.