KB Securities Poised to Lead Musinsa IPO, Solidifying its IB Dominance
According to a report by Kim So-ra of Asia Today on October 27, 2025, KB Securities is highly likely to be selected as the lead underwriter for the IPO of online fashion platform Musinsa. KB Securities has emerged as a prominent player in the IPO market by successfully securing a series of large-scale IPO deals in the second half of this year, and the potential selection as the lead underwriter for the Musinsa IPO is expected to further solidify its position in the IB market.
KB Securities has underwritten a total of 11 IPOs by the third quarter of 2025, recording underwriting performance of KRW 763.1 billion, and is being evaluated as having regained the lead in the IPO market. In particular, it jointly managed the IPO of Daehan Shipbuilding, valued at KRW 2 trillion, with NH Investment & Securities, achieving KRW 225 billion and KRW 215 billion in performance, respectively. In addition, KB Securities served as the sole lead underwriter for the IPO of Myungin Pharmaceutical, valued at approximately KRW 1 trillion, and successfully secured KRW 153 billion in performance based on the lower end of the offering price. Based on these achievements, KB Securities is expanding its influence in the IPO market, and if selected as the lead underwriter for the Musinsa IPO, it is expected to further strengthen its position in the IB market.
Musinsa held a competitive presentation (PT) from the 21st to the 23rd of last month to select the lead IPO underwriter. In addition to KB Securities, Korea Investment & Securities, Samsung Securities, and foreign investment banks such as Goldman Sachs and Citigroup participated in the PT, engaging in fierce competition. It is known that Musinsa has narrowed down the candidates to 2-3 of these securities firms. Meanwhile, Mirae Asset Securities did not participate in the bidding PT for the Musinsa IPO. According to a report by Shin Yu-mi on October 24, 2025, Mirae Asset Securities did not participate in the Musinsa IPO underwriting competition.
Musinsa was recognized as having a corporate value of approximately KRW 3.5 trillion at the time of attracting Series C investment in 2023. At that time, Musinsa accelerated its business expansion based on the funds secured through investment attraction, and has grown rapidly in the online fashion platform market. Last year, Musinsa recorded sales of KRW 1.2427 trillion and operating profit of KRW 102.8 billion, proving its growth trend. Musinsa's IPO is an opportunity to be valued even higher, and the funds secured through a successful IPO are expected to be an additional growth engine for Musinsa. If KB Securities successfully leads the Musinsa IPO, it is expected to solidify its position as a leading player in the Korean IB market and contribute to the development of the Korean capital market.
The possibility of KB Securities leading the Musinsa IPO is attracting more attention in conjunction with the recent boom in the Korean stock market. In particular, investment sentiment in the stock market is improving in line with the economic revitalization policy of the Lee Jae-myung government, and the IPO market is also showing signs of vitality. In this positive market environment, the Musinsa IPO is expected to receive high attention from investors. KB Securities is expected to make every effort to maximize Musinsa's corporate value and lead a successful IPO by utilizing this market atmosphere.
In conclusion, as the possibility of KB Securities being selected as the lead underwriter for the Musinsa IPO increases, changes are expected in the competitive landscape of the IB market. KB Securities is expected to successfully complete the Musinsa IPO, solidify its position as an IB leader, and contribute further to the development of the Korean capital market. This deal is expected to be an important opportunity that can have a positive impact on the entire Korean financial market, going beyond just one company's IPO. The cooperation between KB Securities and Musinsa could play an important role in brightening the future of the Korean economy.
