Asian ECM bankers have a new hive of activity to focus on: South Korea.
The country’s largest ever IPO, worth close to $5 billion potentially, is under way right now for video game developer Krafton.
And that is just part of what could become a record year for Korean listings. So far in 2021, more than 40 issuers have raised around W5.6 trillion ($4.9 billion) in the IPO market – which also happens to be the amount Krafton is hoping to raise in a single deal.
“By the end of this year, the new IPO pipeline could raise more than W30 trillion,” says one banker in Seoul, who adds that the annual record, dating back to 2010, is W10.1
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