They Must Pass Now to List by Year-End... KOSDAQ Market Division: “We Review as Many as Eight Companies a Week” [Yeouido Now]

[Financial News] Every fall, the KRX KOSDAQ Market Division becomes especially busy. Companies seeking to list by year-end must complete their preliminary listing reviews before beginning the public offering process. With the review of applications, meetings with company CEOs and preparations for listing committees all taking place at once, KOSDAQ listing-review staff work through a grueling schedule during the year-end listing season.
On the 3rd, an official from the KRX KOSDAQ Market Division said, “These days, we are processing about eight preliminary listing-review approval cases a week,” adding, “Many companies are waiting for listing approval.”
According to KIND, the KRX disclosure system, there were 12 applications for KOSDAQ (Korea Securities Dealers Automated Quotations) preliminary listing reviews last month. There were 10 applications for new listings. That was a slight increase from seven total applications in September 2024 and 10 in September last year. As companies continued to seek preliminary reviews ahead of year-end listings, the KRX's review department was also entering a busy period.
From a company's perspective, it generally must pass the preliminary review around September or October to complete its listing by year-end after filing a securities registration statement, conducting institutional investor bookbuilding and holding a retail subscription. That is why companies and lead managers seeking to complete listings before year-end are rushing the review schedule.
A listing review examines a company's financial condition, business continuity, management transparency and disclosure system. The review department not only examines submitted materials but also checks business plans and key risk factors through meetings with CEOs. When review applications flood in at once, it must conduct company-by-company reviews and follow-up procedures simultaneously.
People inside and outside the exchange see this as a recurring feature of the 'year-end listing season.' An official from the KRX explained, “In September and October, companies can list by year-end only if they complete their reviews during this period,” adding, “This is typically when reviews are concentrated.”
As companies seeking year-end listings continue to move forward, the KRX KOSDAQ Market Division is spending the final stretch of the year's Initial Public Offering (IPO) season with its review calendar packed.
[email protected] Lee Jung-hwa Reporter