[News Space=Reporter seungwon lee] With a string of large-scale initial public offerings (IPOs) in the KOSPI market scheduled for 2026, a record-breaking IPO market is expected. The IPO fever, which began in the fourth quarter of 2025, is expected to continue this year.

According to investment banking (IB) industry sources on the 2nd, K Bank, Musinsa, SK Ecoplant, and HD Hyundai Robotics are preparing for KOSPI listings. Heungkuk Securities forecasts that 86 new companies will list in 2026, with an IPO volume of 7.2 trillion won. This represents an 11.7% increase in the number of companies and a 57.5% increase in IPO volume compared to 2025 (77 companies, 4.5667 trillion won). This is the combined effect of the KOSPI surpassing the 4,000 mark and institutional improvements.

Choi Jong-gyeong, a researcher at Heungkuk Securities, predicted a market boom, saying, "2026 will be the real upward phase of the IPO cycle." The fierce competition between LS Essex and K Bank for the top spot on the KOSPI

Essex Solutions, an affiliate of LS Group, has emerged as a strong contender for the first KOSPI IPO. The company, which completed its preliminary review application with the Korea Exchange on November 7, 2025, is expected to be valued at $1 billion (approximately KRW 1.45 trillion) in a pre-IPO scheduled for late 2024. Mirae Asset Securities and Korea Investment & Securities are leading the offering. Founded in the US in 1930, Essex Solutions, a specialist in winding wires, is targeting capital investment with the IPO proceeds, riding the growth of its semiconductor and EV components businesses following its acquisition of LS.

Internet bank K Bank also responded with a third preliminary review request in November 2025. It lowered its target for a projected corporate value of 4-5 trillion won, effectively making this its last attempt ahead of the expiration of its FI joint sale request in July 2026. Despite the failures in 2022 and 2024, the bank has achieved record-breaking results since its founding, leading to speculation that its CEO will be reappointed to ensure continuity.

Musinsa and Gudai Global, the 10 trillion won "decacorn," have been confirmed as the lead managers

Fashion platform Musinsa selected Korea Investment & Securities, KB Securities, Citigroup Global Markets Securities, and JP Morgan as lead managers for its December 2025 IPO. While the company hopes to be valued at 10 trillion won, industry analysts believe a more realistic valuation of 4-5 trillion won is realistic. The company was valued at 4 trillion won upon EQT's acquisition of existing shares in April 2025, and the company aims to launch in the first half of 2026 with a public offering size of 1 trillion won.

K-beauty "Korean L'Oréal" Gooda Global sent out an RFP to 14 securities firms in December 2025, specifying a mid-2028 listing date. After raising KRW 800 billion in a CB pre-IPO (post-valuation of KRW 4.4 trillion) in August 2025, the company aims to be valued at up to KRW 10 trillion. Armed with sales and profitability surpassing APL (market cap of KRW 8 trillion), the company is considering a timely listing in 2027.

SK Ecoplant and HD Hyundai Robotics Lead the Way in Robotics and Semiconductors

SK Ecoplant is preparing to file for preliminary review in January, with a July 2026 listing deadline, following a KRW 1 trillion pre-IPO commitment in 2022. Led by NH Investment & Securities, Credit Suisse, and Citigroup, the company emphasizes the transformation of its semiconductor and AI infrastructure, but its KRW 6 trillion in debt (KRW 4.9 trillion in short-term debt) is identified as a risk.

HD Hyundai Robotics secured KRW 180 billion in a pre-IPO (valued at KRW 1.8 trillion) from the Korea Development Bank and KY Private Equity in October 2025 and has distributed RFPs to nine companies, aiming for preliminary review in the first half of 2026. The company is focused on securing funding for robotics and AI-powered manufacturing automation amid expectations that Doosan Robotics will surpass its performance.

AI Unicorns Rebellion and Upstage Announce Entry into the 2 Trillion Club

AI semiconductor company Rebellion is expected to be valued at over KRW 2 trillion through a KRW 350 billion Series C round (cumulative investment of KRW 577 billion) in September 2025. Under the leadership of Samsung Securities, Rebellion plans to list on the KOSPI and Nasdaq in 2026. Having grown significantly through the merger with Sapion Korea, Rebellion is projected to reach a market capitalization of KRW 4 trillion after listing.

Upstage is also preparing for an IPO in 2026 with a corporate value of at least 2 trillion won. Despite operating revenue of 13.9 billion won and a net loss of 36 billion won in 2024, the company aims to achieve a value of 2-3 trillion won due to its AI symbolism.

Dual listing guidelines emerge as a variable for subsidiaries of large corporations

The Korea Exchange plans to revise its dual listing regulations in the first quarter of 2026 to clarify standards for parent company shareholder protection and business independence. The listing of affiliates of large corporations, such as Essex Solutions and SK Ecoplant, will be subject to these guidelines, raising concerns that a wait-and-see approach may be necessary until clarity is established. While the industry anticipates a KRW 7 trillion market with the implementation of these regulations, resolving market confusion remains crucial.