Overseas IR
The KOSDAQ Market Division of KRX is actively inviting foreign companies to be listed on the KOSDAQ. As early as the 2nd half of this year, additional foreign companies are likely to be listed.
According to KRX on June 22, KOSDAQ Market Division held various KOSDAQ IPO promotion events for American companies especially located on the east coast. On June 10, they opened a forum for the Korean stock market in Boston. Before that, they also had a KOSDAQ IPO promotion forum targeting American companies located near Silicon Valley at the end of last year.
The main targets for the KOSDAQ Market Division are IT and biotechnology companies in the U.S. As IT and biotech-related stocks are very strong in the KOSDAQ, they aim to attract relevant companies by emphasizing this feature.
A KRX official said that many American IT and biotechnology companies have great interest in being listed on the KOSDAQ. He also mentioned that many of those companies turn their eyes to Korea, since IPO procedures are very complicated in the U.S.
The official finally added that KRX has been attempting to invite American companies with Korean CEOs, but they are now trying to attract various American companies not limited to the ones having Korean CEOs.
A total of 11 foreign companies are currently listed on the KOSDAQ. Especially in case of Accessbio, listed last May, its stock price reached the price limit, officially becoming a “jackpot.” As of June 20, its stock price was 12,050 won (US$11.83), more than double from its initial offering price of 4,500 won (US$4.42) in a year, and this is acknowledged as a very successful case.
Based on previous successes like that, it is somewhat expected that additional companies will be listed during the 2nd half of this year. Other personnel in KRX said that 3-4 companies, including 1 having a very keen interest in the KOSDAQ market, are highly likely to be listed within this year or early next year by the latest.
Choi Kyoung-soo, CEO of KRX, emphasized IPO promotions as one of his major strategies for future improvement of the KRX. Early this year, Choi announced that he will invite a total of 200 IPOs this year including 100 to KOSPI, 70 to KOSDAQ, and 100 to KONEX.