When can shares acquired pre-IPO be sold after listing?

For the KOSPI market (Korea Exchange 2025 guidebook), a person who acquired shares, etc. issued by the company through a third-party allotment within 1 year before the preliminary listing review application must hold them for 1 year from the issue date, and if that date falls within 6 months of the listing date, until the date 6 months after listing.

A person who bought shares, etc. held by the largest shareholder and related persons during the same period is subject to mandatory holding for 6 months from the listing date, which is intended to prevent the largest shareholder from avoiding mandatory holding by selling shares just before listing. Check the actual periods in the rules for each market and listing type and in the securities registration statement.