'Scarcity Premium' for IPOs Ends... Full-Scale IPO Weeding Begins [fn Market Watch]

(As of August 31, 2026) [Financial News] The "scarcity premium" of small and medium-sized IPOs, which heated up the market this year, is rapidly dissipating. This is as the overheating caused by liquidity flocking to certain IPOs amidst a shortage of listing volume subsides. With an increase in listed companies starting in September and the addition of large-scale IPOs at the end of the year, the market's center of gravity is expected to shift from supply and demand to earnings, growth potential, and valuation.
6 billion won. These include Delicious, K&S INC, Ingenia Therapeutics, Gido Industry, Nears Lab, and Hatchtech. Investor sentiment has cooled noticeably.
By the end of July, the average subscription competition rate for institutional investors had reached 962 to 1 and for retail investors 1,769 to 1, but companies listed in August fell significantly short of these figures. The application rate for mandatory lock-up commitments and allocation rates for institutions also decreased. Changes were also observed in offering prices and post-listing stock prices.
Despite being a small-to-medium-sized IPO, Hatchtech's offering price was determined at the lower end of its desired price band, and a significant number of newly listed stocks, with the exception of Ingenia Therapeutics, traded below their offering prices. As instances of stock prices surging immediately after listing and then declining accumulated, the "buy now, worry later" investment strategy effectively lost its momentum.
Kang Young-hoon, an analyst at Samsung Securities, viewed this as "a signal that short-term overheating has subsided and the IPO market has entered a phase of stock-specific selection. " Analysis suggests that unlike the first half of the year, where the supply shortage itself served as an investment attraction, future success is likely to depend on financial structure, growth potential, and public offering valuations.
Meanwhile, eight companies, including Neosapience, Brils, and Wise Planet Company, are preparing for listing in September. This represents an increase in supply compared to one company last September and six last month.
9 to 1. However, there are variables that could change the atmosphere towards the end of the year.
Ahead of the peak IPO season in November and December, candidates for KOSPI listing, robot and AI companies, and large-scale public offerings are waiting in the wings. In addition to the introduction of pre-IPO demand forecasting and the Cornerstone Investor system, the push for listings by unicorns such as Musinsa, Megazone Cloud, and Rebellion is also becoming visible.
Researcher Kang analyzed, "As the number of listed stocks increases, selective investment considering the company's financial status, growth potential, and valuation is necessary. " The IPO market is effectively shifting from a "supply and demand premium due to supply shortages" to a venue for "corporate value verification.
"
(As of August 31, 2026) [Financial News] The "scarcity premium" of small and medium-sized IPOs, which heated up the market this year, is rapidly dissipating. This is as the overheating caused by liquidity flocking to certain IPOs amidst a shortage of listing volume subsides. With an increase in listed companies starting in September and the addition of large-scale IPOs at the end of the year, the market's center of gravity is expected to shift from supply and demand to earnings, growth potential, and valuation.
[email protected] Kim Kyung-ah Reporter