Daily Briefs

• This is our 11th “Annual Edition of the Major Korean IPOs Pipeline Preview” at Smartkarma.
• This insight features 40 of the biggest potential IPOs in Korea in 2026.
• Some of the largest potential IPOs in Korea in 2026 include CJ Olive Young, DN Solutions, Dunamu, Goodai Global, K Bank, Kurly, Musinsa, SK On, SK Ecoplant, and Sono International.

• Wakefit Innovations’ INR 1,288.89 crore IPO signaling the pivot of India’s largest D2C home brand toward institutional funding for accelerated omnichannel expansion.
• The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.
• While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India’s rapidly formalizing home and furnishings sector.

• Wakefit Innovations is a leading direct-to-consumer (DTC) brand in India’s home and sleep solutions market, rapidly expanding its omnichannel presence. The company has demonstrated strong revenue growth, driven by diversification from its core mattress business into furniture and home furnishings.
• Despite impressive top-line growth, the company has faced challenges in achieving consistent profitability, with losses widening in some fiscal years. The upcoming IPO is crucial for funding its ambitious offline expansion and marketing initiatives.
• The company’s vertically integrated business model provides a competitive advantage in terms of cost and quality control. However, it faces significant competition from both established players and other online-first brands in a fragmented market.

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• In the midst of a challenging consumption environment in Mexico, companies have remained competitive by balancing pricing strategies and strict cost control.
• As expected, consumers continue to trade down, supporting strong momentum for private-label products.
• Within this context, the hard-discount format has accelerated, and Tiendas 3B stands out through strong store openings and solid SSS performance.

• Many companies failing to meet listing maintenance standards will transition to Standard Market. Given the inherent risk of moral hazard, strengthening the discipline of listed companies is a critical point.
• Companies that have migrated to or remained in the Standard Market for various reasons harbor moral hazard stemming not from diversity, but rather from gathering in pursuit of lax standards.
• If more companies view TSE’s increased disclosure requirements as a cost of listing and consider going private, that’s positive development. Hopefully, this will lead to progress in resolving “parent-subsidiary listings.”