[Alpha Biz= Kim Jisun] Musinsa, widely regarded as one of the most highly anticipated IPO candidates for the coming year, has designated Korea Investment & Securities as the lead domestic underwriter for its listing.

According to sources in the financial investment and retail industries on December 8, Musinsa has concluded its three-month lead manager selection process and notified Korea Investment & Securities of its selection as the lead domestic underwriter. The company also appointed KB Securities as a co-underwriter on the domestic side, while Citigroup Global Markets and J.P. Morgan were chosen as global joint bookrunners.

Korea Investment & Securities is understood to have been highly rated for its extensive experience and capabilities as a major securities firm. Citigroup Global Markets and J.P. Morgan were selected in recognition of their strong and consistent presence in the Korean IPO market.

Musinsa’s selection process began in August with the distribution of request-for-proposal (RFP) documents. A shortlist was finalized in September, followed by presentations and evaluations involving both domestic and international investment banks through recent weeks. Given Musinsa’s status as one of the most anticipated IPO candidates of 2025, industry competition was reported to have been particularly intense.

A total of six domestic securities firms—KB Securities, Samsung Securities, Shinhan Investment & Securities, Hana Securities, Mirae Asset Securities, and Korea Investment & Securities—along with five global investment banks participated in the presentations. The unusually large number of participants, far exceeding the typical five or so invited to IPO underwriting presentations, underscores the high level of market interest in Musinsa’s listing.

Musinsa is now expected to begin developing a detailed IPO strategy. The company is currently expanding its business portfolio through global market entry, omnichannel initiatives, and growth in its beauty business, and aims to secure a valuation of approximately KRW 10 trillion through the listing.

 

 

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