01
Pre-IPO
До листинга
Инвестиции в непубличные компании, готовящиеся к IPO, с анализом оценки, перспектив листинга и срока выхода.
IPO Strategy
Стратегия IPO
An IPO is the moment a company first enters the market. BNB Asset Management began in 2004 as an IPO and Pre-IPO investment firm, and has invested by treating the journey from preparation for listing to life after listing as a single path. This page explains, in general terms, the investment strategies along that path.
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02
IPO
Участие в размещении
Участие как институциональный инвестор в размещениях новых эмитентов, включая букбилдинг.
03
Post-IPO
После листинга
Инвестиции после листинга с наблюдением за ростом, оценкой рынка и ранними результатами.
04
Мезонин и SPAC
Мезонин листинговых компаний, SPAC
Мезонинные бумаги листинговых компаний — конвертируемые облигации (CB), облигации с варрантами (BW) и обмениваемые облигации (EB) — а также SPAC.
One Path
Before and After Listing, One Path
A listing is not a single day's event but a long process: the years spent preparing to list, the weeks in which the offering price is set, and the time it takes after listing for the market's assessment to settle.
BNB divides this process into stages but connects them with a single perspective. Companies we studied before listing are analyzed again at the offering stage and followed by the same standards after listing. The investment instruments differ from stage to stage, but the way we understand a company does not.
With IPOs at the center, BNB also uses Pre-IPO, Post-IPO, listed-company mezzanine, SPAC, and fund-of-funds (FoF) strategies, depending on the nature of each fund and mandate.
IPO Lifecycle
The Path to Listing, and Where Investors Take Part
A listing generally proceeds in the following order. At each stage, investors can take part in different ways.
Preparing to List
Pre-IPO
The company appoints a lead underwriter and puts its finances and governance in order. Investing in an unlisted company at this stage is Pre-IPO investment.
Preliminary Listing Review
Pre-IPO
The Korea Exchange reviews the company's eligibility for listing. Depending on the outcome, the listing schedule may be delayed or the listing may not go ahead.
Registration Statement and Bookbuilding
IPO
The company files a registration statement disclosing the terms of the offering and conducts bookbuilding with institutional investors. The issuer and the lead underwriter set the offering price on the basis of the bookbuilding results.
Subscription, Allocation and Payment
IPO
Subscriptions are taken at the final offering price, shares are allocated, and investors pay for their shares.
Listing and Beyond
Post-IPO
The shares begin trading on the market. Early price volatility, the first earnings release, and the expiry of lock-up periods follow. Investing in the secondary market during this period is Post-IPO investment.
Strategies
Investment Areas
Pre-IPO
Before listing · Investing in unlisted companies
A strategy of investing in unlisted companies that are preparing to list, at the pre-listing stage. Investments can take several forms, including common shares, redeemable convertible preferred shares (RCPS), and convertible bonds. The main source of return is the difference between the value at the time of investment and the value the market assigns after listing.
- The competitiveness of the business and the likelihood of meeting listing requirements
- The listing schedule and timing of exit, and the risks in between
- Investment terms such as the price and form of investment, and the route to exit if the listing does not go ahead
- Whether the shares will be subject to a mandatory lock-up that restricts their sale for a period after listing
IPO
IPO shares · Bookbuilding participation
A strategy of participating, as an institutional investor, in the public offerings of companies newly listing on the stock market. Institutional investors submit their desired price and quantity in bookbuilding and, once the offering price is set, subscribe and receive allocated shares. Offered shares are allocated among the employee stock ownership association, retail subscribers, institutional investors, and others; the institutional portion is determined by the bookbuilding results and the lead underwriter's allocation criteria.
- The business and financial information in the registration statement, and the basis for the offering price
- The offering price relative to comparable companies, and the size of the offering
- The volume of shares that could become tradable immediately after listing, and the lock-up status of existing shareholders
- Whether to offer a lock-up commitment: a commitment may be taken into account in allocation, but the shares cannot be sold during the commitment period.
Post-IPO
After listing · Secondary market
A strategy of buying and selling shares in the secondary market after listing. In the early period after listing, information has not yet fully accumulated, and prices can move out of line with a company's value. We continue our investment judgment by steadily tracking the results and changes in the business that emerge after listing.
- The first results after listing, compared with what was presented at the time of the offering
- Changes in tradable supply as lock-up periods expire
- Price and supply-demand trends as the market's assessment settles
Listed-Company Mezzanine
CB · BW · EB
Mezzanine securities combine the characteristics of a bond with a right that can turn into shares. If the share price rises, the holder can convert or exercise the right and share in the upside; if not, the holder seeks to recover principal and interest as a bondholder, through repayment at maturity or an early redemption (put) request. If the issuer's credit standing deteriorates, however, principal and interest may not be recovered.
- Convertible bonds (CB): bonds that can be converted into the issuer's shares on set terms
- Bonds with warrants (BW): bonds carrying the right to subscribe for new shares of the issuer at a set price
- Exchangeable bonds (EB): bonds that can be exchanged for shares or other securities held by the issuer
- What we examine: the issuer's financial stability and capacity to repay, the conversion or exercise price and its adjustment terms, and the terms of early redemption requests
SPAC
Special purpose acquisition company
A SPAC is a company established and listed solely to merge with an unlisted company. Most of the money raised in its offering is held in a separate deposit, and if it does not complete a merger within the set period, the company is dissolved and the deposited funds are returned to shareholders. Once a merger is proposed, the value of the target company and the terms of the merger become central to the investment decision.
- The relationship between the trading price, the offering price, and the deposited funds
- The target company's business and the appropriateness of the merger ratio
- Investor protections such as appraisal rights for shareholders who oppose the merger
FoF
Fund of funds
A fund of funds (FoF) is a fund that invests in other funds. Through a single fund, it spreads investment across several strategies and managers. Understanding the strategies and management approaches of the underlying funds is where the investment begins.
- The underlying funds' strategies, investment personnel, and risk management frameworks
- The liquidity and redemption terms of the underlying funds
- A structure in which fees are charged at both the FoF level and the underlying-fund level
Where Value Takes Shape
Where Value Takes Shape Across the IPO Journey
A company's value is not settled on the day it lists. From the years of preparation to the time when the market's assessment settles after listing, there are several points at which the gap between price and value narrows or widens. Here is what BNB checks at each of them.
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Pre-IPO
Preparing to list
This is where a gap can open between the price paid at the unlisted stage and the value the market assigns after listing. We look together at the competitiveness of the business, the likelihood of meeting listing requirements, and how to exit if the listing is delayed or abandoned.
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Pricing
Setting the offer price
The moment the offer price is set through bookbuilding. We weigh the pricing rationale in the registration statement and the price level against comparable companies to decide our bid price and quantity and whether to offer a lock-up commitment.
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Listing
Early trading
A period in which information has not yet built up, so prices can easily move away from value. We respond according to scenarios set in advance and stay wary of prices driven more by expectation than by value.
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Lock-up
Lock-up expiry and first results
Lock-up and commitment periods end and the tradable float grows, while the first post-listing results are compared with what was presented at the offering. We review changes in supply and demand together with results.
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Post-IPO
Time for the assessment to settle
As results and business changes accumulate, the market's assessment takes shape. This is also when listed companies may raise funds through mezzanine securities; we examine the issuer's financial stability together with the conversion and exercise terms.
- This is a general description of the IPO process and does not mean that returns arise at each point. Prices may move differently from what is expected.
How BNB Approaches
How BNB Approaches IPOs
We look before listing
So that we do not meet a company for the first time at its offering, we research potential investment targets broadly across the market, from the Pre-IPO stage to Post-IPO companies.
We look at corporate value before IPO enthusiasm
We follow IPO market sentiment and supply and demand, but the starting point of our judgment is a company's fundamentals and its price attractiveness relative to comparable companies.
We plan our exit before we take part
Before participating in bookbuilding, we set scenario-based trading strategies and decide whether to offer a lock-up commitment.
We follow by the same standards after listing
We continuously review the value of our holdings and limit volatility risk under a loss-cut principle.
We separate management and oversight
Investment decisions are reviewed by the investment team and the risk management function, and the Compliance Team cross-checks each stage before, at the time of, and after investment.
IPO Market 2025
The 2025 IPO Market in Numbers
In Korea's 2025 IPO market, offer prices were set within their indicative ranges and institutional investors' commitments to hold for longer rose sharply. The Financial Supervisory Service attributed this to the bedding-in of reforms to bookbuilding and of stronger underwriter accountability. In the second half, however, prices clustered at the top of the ranges.
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76 companies
New listings
Total offering proceeds were KRW 4.5 trillion, up KRW 0.6 trillion from the previous year (77 companies, KRW 3.9 trillion). Figures exclude SPACs, REITs and similar listings.
2025 · Financial Supervisory Service
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41 %
Institutional lock-up commitment ratio
The share of shares allocated to institutional investors that were placed under lock-up commitments—more than double the previous year's 18.1%.
2025 · Financial Supervisory Service
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0 cases
Offer prices above the indicative range
Every IPO was priced within its indicative range. In 2024, 66% of IPOs were priced above the range.
2025 · Financial Supervisory Service
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97 %
Priced at the top of the range
With the market rising in the second half, 97% of listed companies were priced at the top of the indicative range, and the possibility of overheating remains.
2025 · Financial Supervisory Service
- Source: Financial Supervisory Service press release, 'What changed in the 2025 IPO market' (2026-03-04). These are market-wide figures and are unrelated to BNB's investment performance.
Market Opportunities
Market Opportunities: Where the Rules Are Heading
Over the past few years, Korea's rules on IPOs and on fundraising by listed companies have been reshaped to favor investment grounded in corporate value over short-term gains, and to make issuance terms more transparent. These changes create a meaningful environment for a manager that studies companies over time and decides through a set process. Below are the main changes and how BNB works within them.
Priority allocation for lock-up commitments
Effective July 2025 · Financial Services Commission
A rule was introduced under which at least a set share of the shares allocated to institutional investors goes first to institutions that commit to a lock-up. The share is 30% for 2025 and 40% from 2026, and the maximum period that earns commitment credit was extended from three to six months. The aim is to encourage participation based on valuation rather than short-term selling.
- BNB's approach: before bookbuilding, we set scenario-based trading strategies and decide whether to offer a lock-up commitment in light of corporate value and our holding plan.
Tighter eligibility for bookbuilding
Effective July 2025 · Financial Services Commission
To center bookbuilding on institutions capable of valuing companies, eligibility requirements on registration period and the size of entrusted assets now also apply when private fund managers and discretionary managers participate with the assets they manage. Indirect participation through fund-of-funds structures and the like was also restricted.
- BNB's track record: since registering for investment advisory in 2010, discretionary management in 2015 and general private collective investment in 2019, we have continued to serve institutional investors in the IPO field.
Larger and longer IPO priority allocation for KOSDAQ venture funds
Announced December 2025 · Financial Services Commission
A plan was announced to raise the share of KOSDAQ IPO shares allocated first to KOSDAQ venture funds from 25% to 30% (30% under the current standard in the FSC's April 2026 material) and to extend benefits including priority allocation, which had been due to expire at the end of 2025, by three years. A KOSDAQ venture fund invests at least 50% of its assets in shares, convertible bonds and similar securities of venture companies and related firms; since July 2025, priority allocation has applied only to shares placed under a lock-up commitment of at least 15 days.
- BNB's experience: we have managed private funds structured as KOSDAQ venture funds since 2019, and a strategy that combines IPO shares with listed-company mezzanine is aligned with this fund type's investment requirements.
Cornerstone investors and pre-bookbuilding
Passed by the National Assembly, April 2026 · to take effect six months after promulgation
An amendment to the FSCMA passed the National Assembly, introducing a cornerstone investor system—allowing IPO shares to be allocated before the registration statement is filed to institutions that accept a lock-up of at least six months—and pre-bookbuilding, which allows market demand to be gauged before filing. Allocation caps and conflict-of-interest safeguards are to be set by enforcement decree.
- BNB's view: our practice of studying companies from before listing points in the same direction as the growing participation of institutions committed to medium- to long-term holding. Once the enforcement decree sets the details, we will review them after prior confirmation by our Compliance Team.
Clearer terms for mezzanine issuance
Regulation on Securities Issuance and Disclosure · FSS disclosure forms
Rules on adjusting the conversion price of convertible bonds issued by listed companies have been strengthened. A downward adjustment following a fall in the share price must in principle stay at or above 70% of the conversion price at issuance; going lower requires a special resolution of the general meeting of shareholders that sets a specific minimum adjusted price and bond amount (amended December 2024). A condition requiring the price to be adjusted back up if the share price recovers (amended October 2021) and stronger disclosure for CBs and BWs paid for in assets other than cash (April 2023) have also made issuance terms easier to verify.
- BNB's approach: we examine the issuer's financial stability and repayment capacity, the conversion or exercise price and its adjustment terms, and the early redemption (put) terms together.
Stricter delisting requirements
Phased in from 2026 · Financial Services Commission
Market capitalization and revenue thresholds are being raised in stages from 2026 and cure periods shortened so that underperforming companies leave the market in a timely way. The change aims to raise the quality of the market as a whole, and it makes looking at a company's fundamentals all the more important when choosing companies after listing.
- BNB's approach: we look first at fundamentals and price attractiveness relative to comparable companies rather than at the mood of the IPO market, and limit volatility risk under a loss-cut principle.
- Sources: Financial Services Commission press release 'Measures to improve the IPO and delisting systems' (2025-01-21) and reference materials 'Measures to enhance trust and innovation in the KOSDAQ market' (2025-12-19) and 'FSCMA amendment introducing cornerstone investors passes the National Assembly plenary session' (2026-04-23); Financial Supervisory Service press release on improving disclosure for privately placed CBs and BWs paid in kind (2023-04-03); Article 5-23 of the Regulation on Securities Issuance and Disclosure.
- Details and effective dates of these rules may change; the allocation method for an individual offering can be found in its registration statement.
- Market conditions can change, and past or present conditions do not guarantee future results. This is a general description of the market environment and is not a solicitation for any specific product.
Evolution of Strategy
Strategies Broadened Along One Path
BNB's strategies were not fixed all at once; they were added step by step as we broadened the forms of our business within the same field. The starting point has always been the IPO.
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2004
IPO & Pre-IPO
Founded as a firm specializing in IPO and Pre-IPO investment, starting from the work of studying companies before they list.
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2010
Institutional advisory
Registered as an investment advisory business and began providing IPO investment advice to institutional investors.
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2015
Institutional discretionary management
Registered as a discretionary investment management business and took on the direct management of institutional investors' IPO portfolios, handling everything from bookbuilding to selling after listing as one continuous flow.
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2019
General private funds
Registered as a general private collective investment business and began managing general private IPO funds. In the same year, we launched a fund structured as a KOSDAQ venture fund.
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2026
Today
With IPOs at the center, we combine Pre/Post-IPO, listed-company mezzanine, SPAC and FoF strategies according to the nature of each fund. As of October 13, 2026, all 17 funds listed on our website include IPOs among their main strategies.
- Sources: company history on our website; business report (FY2025 Q4); fund list on our website (as of 2026-10-13, based on data provided by the fund administrator, Shinhan Fund Partners).
Risks
Investment Risks
IPO-related investments carry the uncertainty of the moment a company first enters the market. Please make sure you fully understand the risks below before making an investment decision.
Listing Schedule Risk
Depending on the outcome of the preliminary listing review or on market conditions, a listing may be delayed or may not go ahead. In that case, the exit from a Pre-IPO investment may be significantly delayed, or a loss may occur.
Price Volatility Risk
The offering price does not guarantee the price after listing. Prices can be highly volatile in the early period after listing, and the share price may fall below the offering price.
Allocation Uncertainty
When bookbuilding is highly competitive, the allocation received may be smaller than desired, and the planned investment may not be made.
Sale Restrictions and Liquidity Risk
Sales may be restricted for a period under lock-up commitments or mandatory lock-ups. Unlisted shares and privately placed mezzanine securities may be difficult to dispose of at the desired time.
Credit Risk
If the issuer's financial condition deteriorates, principal and interest on mezzanine securities may not be recovered. After conversion into shares, the holder bears the full risk of a fall in the share price.
SPAC-Specific Risk
If shares are bought above the offering price, a loss may occur even if the merger does not go ahead and the deposited funds are returned. After the merger, the investor bears the share price risk of the merged company.
Fund-of-Funds Structure Risk
A FoF is affected by the results and liquidity of its underlying funds, and fees may be charged at two levels.
- This page provides a general explanation of investment strategies and is not a solicitation to invest in any specific product.
- The Company's funds are general private funds in which only qualified investors may invest.
- Collective investment securities are not protected by the Korea Deposit Insurance Corporation under the Depositor Protection Act.
- Collective investment securities may incur a loss of investment principal due to changes in asset prices, market conditions, and other factors, and any such loss is borne by the investor.
- Past performance does not guarantee future returns and may vary depending on market conditions.
