Singer Hong Jin-young's company 'I Am Poten'
Signed underwriter contract last month aiming for KOSDAQ listing
'Only 4 employees, is listing possible?' netizens puzzled
Singer Hong Jin-young's beauty and entertainment company is preparing to list on the KOSDAQ market, but there are concerns that the company's relatively small size and performance make this attempt somewhat ambitious. On the 24th, an online community shared news that 'IMPoten,' a company led by CEO Hong Jin-young, signed a sponsorship contract with Korea Investment & Securities for an initial public offering (IPO) at its headquarters in Songjeong-dong, Seongdong-gu, Seoul, on the 20th of last month. The company aims to go public in the second half of 2026.
Hong Jin-young, who personally demonstrated products at the '2024 Cosmo Beauty Expo' last May. [Image source=Captured from Hong Jin-young's Instagram]
IMPoten is wholly owned by Hong Jin-young's one-person agency IMH Entertainment and operates in the beauty and entertainment management sectors. In the beauty division, it owns the beauty brand 'Chic Blanco,' launched last year, and the 'Hong Shot' brand, first introduced in 2018. 'Chic Blanco' made headlines by selling out during its first home shopping broadcast, achieving 130% of its sales target. Internationally, the brand entered the Japanese market in November last year and is pursuing expansion into Europe and the Middle East through the ‘2024 Cosmo Beauty Expo’ held in May. On the entertainment management side, trot singer Jo Ah-seo, who debuted earlier this year, is signed with the company. The company plans to expand its business by recruiting and nurturing singers and actors in the future.
Regarding the company's attempt to go public, a recent post titled "Is it possible for a company with only four employees to go public?" appeared on an online community. Netizens responded negatively, saying, "The sales aren't significant, and they are even operating at a loss; how was the sponsorship contract approval granted?" and "Even if securities firms are in the business of taking fees, there should be some ethics." Some expressed skepticism about the likelihood of the listing, commenting, "It probably won't actually go public anyway," and "It seems like just a marketing move." According to the recruitment platform JobKorea, as of the 4th, IMPoten has four employees. As of December last year, the company's capital was 2.25 billion KRW, with annual sales of 608.8 million KRW. Operating losses amounted to 737.98 million KRW, more than double the previous year's 347.34 million KRW.
Given the company's small scale and operating losses, there are criticisms that the listing attempt is being pushed recklessly based solely on Hong Jin-young's name value. However, IMPoten stated last month when announcing the sponsorship contract, "With the popularity of K-pop and K-beauty establishing itself as a trend in the global market, we will strive to achieve good results." Hong Jin-young also attracted attention last year when it was revealed that she purchased a five-story building in Songjeong-dong, Seongdong-gu, Seoul, for 3.5 billion KRW. The building is known to be used as the IMH Entertainment headquarters.
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