Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at HK and India, we talk about Japan and South Korea pipeline.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at HK and India, we talk about Japan and South Korea pipeline.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2026 Asia IPO Pipeline - Japan & South Korea

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

<ul>
<li>It was reported in numerous local media that Viva Republica has sent several RFPs to several large domestic securities companies to be underwriters of a potential IPO in 2024. </li>
<li>Viva Republica is one of the largest Korean fintech companies. Market value of Viva Republica is estimated at more than 9 trillion won.</li>
<li>E World, Hanwha Securities, Hana Financial, and Korea Electronic Certification Co are major public companies that should benefit from the listing of Viva Republica. </li>
</ul>


It was reported in numerous local media that Viva Republica has sent several RFPs to several large domestic securities companies to be underwriters of a potential IPO in 2024. 
Viva Republica is one of the largest Korean fintech companies. Market value of Viva Republica is estimated at more than 9 trillion won.
E World, Hanwha Securities, Hana Financial, and Korea Electronic Certification Co are major public companies that should benefit from the listing of Viva Republica. 


Key Beneficiaries of a Potential Viva Republica IPO in 2024

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Equity Bottom-Up

<ul>
<li>Why <a href="https://www.smartkarma.com/entities/kakaobank-corp" target="_blank" data-smartkarma-citation="entities:33501:1" rel="noopener">KakaoBank (323410 KS)</a> , <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a> and <a href="https://www.smartkarma.com/entities/kakao-pay-corp" target="_blank" data-smartkarma-citation="entities:29675:1" rel="noopener">Kakao Pay (377300 KS)</a> were hit recently</li>
<li>Aside from the sum of the 3, why <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> is getting hit further</li>
<li>Are near the bottom or is there more to go? </li>
</ul>


Why KakaoBank (323410 KS) , Kakao Games Corp (293490 KS) and Kakao Pay (377300 KS) were hit recently
Aside from the sum of the 3, why Kakao Corp (035720 KS) is getting hit further
Are near the bottom or is there more to go? 


Is Kakao Cheap or Not? Actions Louder than Words

<ul>
<li>Viva Republica (Toss) is one of the biggest fintech companies in Korea. Toss provides bundled fintech services including payments, banking, securities, and insurance. </li>
<li>In late June 2022, Viva Republica reported that it received Series G funding with 500 billion won in new investments, valuing the company at 9.0 trillion won or more.</li>
<li>From 2018 to 2021, the company's sales increased by 142% CAGR. Operating margin improved significantly from -97.2% in 2019 to -18.6% in 2020 but worsened slightly to -23% in 2021. </li>
</ul>


Viva Republica (Toss) is one of the biggest fintech companies in Korea. Toss provides bundled fintech services including payments, banking, securities, and insurance. 
In late June 2022, Viva Republica reported that it received Series G funding with 500 billion won in new investments, valuing the company at 9.0 trillion won or more.
From 2018 to 2021, the company's sales increased by 142% CAGR. Operating margin improved significantly from -97.2% in 2019 to -18.6% in 2020 but worsened slightly to -23% in 2021. 


Viva Republica (Toss): A Fintech Giant in Korea

<ul>
<li>Viva Republica (Toss), one of the largest fintech companies in Korea, is expected to become the first decacorn in Korea in 2Q 2022. </li>
<li>Toss is expected to have a value range of 10 trillion won to 15 trillion won in the upcoming funding round in 2Q 2022. </li>
<li>Kakao Bank has P/S multiple of 20.2x in 2021. Applying this multiple on Viva Republica's sales of 781 billion won, this would imply a valuation of 15.8 trillion won. </li>
</ul>


Viva Republica (Toss), one of the largest fintech companies in Korea, is expected to become the first decacorn in Korea in 2Q 2022. 
Toss is expected to have a value range of 10 trillion won to 15 trillion won in the upcoming funding round in 2Q 2022. 
Kakao Bank has P/S multiple of 20.2x in 2021. Applying this multiple on Viva Republica's sales of 781 billion won, this would imply a valuation of 15.8 trillion won. 


Viva Republica (Toss): To Become the First Decacorn in Korea

South Korea

Viva Republica Inc. operates as a mobile electronic financial application development company. The Company provides easy remittance, asset management, loan comparison, and other financial support services. Viva Republica markets its products throughout South Korea.

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Viva Republica (1435310D KS)

Aequitas 2026 Asia IPO Pipeline - Japan & South Korea

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at HK and India, we talk about Japan and South Korea...

Sumeet Singh

Key Beneficiaries of a Potential Viva Republica IPO in 2024

E World, Hanwha Securities, Hana Financial, and Korea Electronic Certification Co are major public companies that should benefit from the listing...

Douglas Kim

Is Kakao Cheap or Not? Actions Louder than Words

Has Kakao bottomed or is there further downside from here? We examine why the stock is more likely to fall and what investors are using as...

Ken S. Kim

Viva Republica (Toss): A Fintech Giant in Korea

Viva Republica (Toss) is one of the biggest fintech companies in Korea. Toss provides bundled fintech services including payments, banking,...

Douglas Kim

Viva Republica (Toss): To Become the First Decacorn in Korea

Viva Republica (Toss), one of the largest fintech companies in Korea, is expected to become the first decacorn in Korea in 2Q 2022 with valuation...

Douglas Kim

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