Initial Thoughts on the Musinsa IPO

• Musinsa is getting ready to complete its IPO in 2H 2025. Musinsa is the top fashion online/mobile platform in Korea.

• The market value of Musinsa is expected to be about 5 trillion won which could be one of the largest IPOs in Korea this year.

• Musinsa had its best ever results in 2024 with sales of 1.2 trillion won (up 25.1% YoY), operating profit of 102.8 billion won, and net profit of 69.8 billion won.

Musinsa advertisement (Source: Musinsa)

Musinsa is getting ready to complete its IPO in 2H 2025. Musinsa is the top fashion online/mobile platform in Korea. The market value of Musinsa is expected to be about 5 trillion won which could be one of the largest IPOs in Korea this year.

Kohlberg Kravis Roberts & Co. (KKR) and Wellington Management invested a total of 240 billion won in Musinsa in 2024, valuing the company about 3.5 trillion won. In 2019, Musinsa also received 200 billion won investment from Sequoia Capital, valuing the company at 2.3 trillion won.

So far in 2025, two IPOs in Korea (DN Solutions and Lotte Global Logistics) were cancelled due to low demand from institutional investors. Both companies lacked enough top-line growth and the bankers priced their IPOs too aggressively.

However, Musinsa enjoys excellent top-line growth and generated its highest ever operating profit in 2024. Therefore, as long as the IPO is reasonably priced, it should receive solid demand from institutional investors.