Tech-driven listings fuel expectations for IPO upcycle in Korea
Cosmo Robotics’ wearable robot for industrial use / Courtesy of Cosmo Robotics
Korea’s initial public offering (IPO) market is expected to see a revival in the early months of this year, driven by technology-focused growth sectors such as robotics, biotechnology and medical devices, securities industry officials said Thursday.
Analysts said the IPO market is entering an upcycle, coinciding with a KOSPI rally and a spillover effect from regulatory reforms introduced in the second half of last year. Those reforms delayed some listings, which are now expected to be concentrated in this year.
In December, six companies, including Cosmo Robotics, Inventera and MEZOO, received approval from the Korea Exchange for preliminary listing reviews. These firms are now coordinating key details such as deal structures, target price bands and demand forecast schedules with their underwriters, with the filing of securities registration statements expected to begin as early as February.
The companies that cleared the preliminary review are notable for their differentiated technologies and business strengths. Cosmo Robotics specializes in autonomous robots and robot control systems for industrial and logistics applications and is seen as being well positioned to benefit from expanding automation demand and broader market growth.
Inventera is a pharmaceutical research startup focused on developing next-generation MRI contrast agents. MEZOO, a digital health care company, provides remote patient monitoring services through ultrasmall, wearable patch-type electrocardiogram devices. The two companies are assessed to have established strong technological capabilities in niche segments of the emerging medical industry.
The composition of these IPO candidates is expected to help draw investor interest, as it aligns with early-year growth investment themes. As interest rate uncertainty has eased since the latter half of last year and investor appetite for risk assets, particularly technology stocks, has shown signs of recovery, optimism is growing around future-oriented sectors such as robotics and biotechnology.
Still, the outcome of upcoming IPOs will largely hinge on factors such as whether valuations are viewed as reasonable, how public offering prices are set and how freely tradable shares are managed. Broader conditions, including liquidity and first-quarter equity market performance, are also expected to shape demand in the public offering market.
Analysts said that successful listings by growth-sector companies, followed by stable post-listing share price performance, could help trigger a positive cycle for the IPO market.
Heungkuk Securities analyst Choi Jong-kyung forecast that the total volume of new IPO offerings in 2026 will amount to 7.2 trillion won ($5 billion), extending the steady growth seen from 4.3 trillion won in 2024 and an estimated 4.8 trillion won in 2025.
“This year will be among the most active IPO periods since 2021. The number of newly listed companies is projected to climb by more than 10 percent year on year to 86, comprising 12 KOSPI listings and 74 on the Kosdaq,” he said.
