Seojeonghak's Rise as an IPO Powerhouse... IBK Investment & Securities Challenges KOSPI and Strengthens KOSDAQ

KONEX Market Listing Performance No.1 in Korea
KONEX·KOSDAQ → Strengthening KOSDAQ & Promoting KOSPI
Seo Jang-hak "Achieved No.1 in SME IPO Industry"

"We will underwrite the listings of companies that will move beyond KONEX and KOSDAQ to KOSPI. To achieve the number one position in the mid-sized IPO industry, we will increase the number of listing applications and improve performance through operating SPACs of various sizes."

Seo Jeong-hak, CEO of IBK Investment & Securities, has set the challenge of entering the KOSPI market as his management goal for this year's initial public offering (IPO) business division. While the company has been competitive in KONEX and KOSDAQ markets so far, from this year onward, it aims to become a trusted IPO powerhouse that can be relied upon for KOSPI listings. Additionally, it plans to strengthen its competitiveness in the KOSDAQ market beyond its number one ranking in KONEX market listings.

On the 19th, IBK Investment & Securities reported that it signed underwriting contracts with a total of 37 companies last year, of which 25 are aiming for KOSDAQ listings. The remaining 12 companies have signed both KOSDAQ underwriting contracts and KONEX designated advisory contracts simultaneously, keeping in mind a potential transfer listing. An IBK Investment & Securities official stated, "There are currently no companies aiming for transfer listings to KOSPI," adding, "Regarding KOSDAQ, the 25 companies are not all targeting listings within this year, and since there is variability, it is difficult to specify exact listing dates."

Seo Jeong-hak, CEO of IBK Investment & Securities. (Provided by IBK Investment & Securities)

To date, IBK Investment & Securities has underwritten a total of 38 companies listed on KOSDAQ. Since it primarily discovers and supports high-quality companies, the stock performance of the listed companies has also been favorable. Except for cases where major shareholders sold their stakes and exited, 37 companies have successfully settled in the market. About 70% of the underwritten companies have seen an increase in market capitalization, showing steady growth. Considering that the delisting rate on KOSDAQ over the past three years (2021?2023) is 18.43%, this is an excellent record.

The company also holds the number one position among domestic securities firms in KONEX market listings. KONEX is an improved capital market dedicated to early-stage small and medium-sized enterprises (SMEs), designed to support their growth through the capital market and encourage virtuous cycles of venture capital. Since KONEX opened in 2013, the cumulative number of underwriting cases has reached 57, and as of the end of last year, the cumulative number of designated advisory contracts reached 136. This is an overwhelming achievement compared to the second-ranked Korea Investment & Securities, which has 27 companies. IBK Investment & Securities has consistently fulfilled its role as a securities firm specialized in SMEs by focusing on supporting SMEs, which is its identity and competitive strength.

Its SPAC (Special Purpose Acquisition Company) merger listing performance is also among the top in the industry. According to IBK Investment & Securities, there were 2 cases in 2022, 3 cases in 2023, and 1 case in 2024, totaling 17 cumulative listings, placing it among the industry's top performers in mergers. A SPAC is a shell company established to allow unlisted stock companies that cannot enter the stock market to enter the stock market.

Having mainly stood out in the KONEX market, IBK Investment & Securities has set a goal this year to increase the number of KOSPI listings and high-quality SME listings. This is the management goal presented by CEO Seo Jeong-hak. As a former president of IBK Savings Bank and an internal appointee, Seo emphasizes synergy with IBK Financial Group and other financial companies. IBK Investment & Securities signed about 21 lead underwriting contracts last year through synergy sales with IBK Industrial Bank. It also signed memorandums of understanding (MOUs) with other financial companies such as Mugunghwa Financial Group, Welcome Savings Bank, and OK Capital.

In line with CEO Seo's management policy, the IPO division has set a goal to establish itself as a leading IPO firm by expanding synergy with IBK Financial Group, other financial groups, and SMEs. Bae Sang-hyun, head of the IPO division at IBK Investment & Securities, said, "Our goal is to become one of the top five IPO houses in Korea in terms of the number of KOSDAQ listings by quantitatively increasing the number of IPO underwriting cases," adding, "In the mid to long term, we will actively support various aspects such as investment, IPO areas, and post-IPO fundraising tailored to each company's growth stage."