KB Securities loses edge in IPO market
KB Securities headquarters in Seoul / Courtesy of KB Securities
KB Securities co-CEO Kang Jin-doo / Courtesy of KB Securities
Concerns are growing over KB Securities’ initial public offering (IPO) track record this year as a lull in major deal mandates has left a noticeable gap in its underwriting pipeline, putting pressure on co-CEO Kang Jin-doo, who oversees the firm’s investment banking (IB) operations, industry watchers said Tuesday.
According to KIND, the Korea Exchange’s electronic disclosure system, KB has recorded no IPO mandates and raised no proceeds so far this year.
Medical device maker Remedi is currently the only company to have filed for preliminary listing review with KB Securities as its underwriter.
The slowdown marks a sharp reversal from last year, when KB Securities ranked first in IPO underwriting by proceeds. It led a total of 13 listings in 2025, including megadeals for LG CNS, Daehan Shipbuilding and Myungin Pharm, raising a combined 2.08 trillion won ($1.4 billion) in IPO funds.
This year, however, the securities firm has missed out on mandates for high-profile IPO hopefuls, such as Kbank and Musinsa.
Industry officials say Kang’s leadership of the IB division is entering a critical phase. With a front-office investment banking background, he is expected to prove his dealmaking credentials amid a more challenging market environment.
KB Securities attributed the slowdown to heightened market volatility and tighter screening for tech-focused listings, which have delayed IPO timelines and weighted on overall deal flow. It currently has five deals in progress for the first half of the year.
Meanwhile, the only IPO actively moving forward under KB Securities is that of medical device company RecensMedical, which will open its retail subscription from March 19 to 20.
The company is expected to debut with a market capitalization of 97.6 billion won to 119.4 billion won.
As the firm’s first IPO of the year, the deal is shaping up to be a key factor to see whether KB Securities can regain momentum in its operations.
