IPO services for listing in Korea (K-IPO)
Driving growth through K-IPO
Going public is a key milestone for your stepping up in your business. Choosing a market to list is one of the most important decisions in the first-stage planning for your IPO. KRX is one of the most attractive markets in the Asia region with its high liquidity, valuation and stability. We will work alongside you through your journey to the successful listing in Korea (K-IPO)
K-IPO Listing Structure
1. Direct listing of a foreign company
Foreign company has no restrictions in terms of auditor appointment, which can result in a significant cost and time saving. We provide the IPO candidates with the value-added audit services timely based on extensive experiences
2. Listing through a SPC in Korea
Depending on the country domiciled and group structure, a foreign company may consider to be listed on KRX through Korean SPC. In this case, an external auditor is designated by the Korean regulator. We provide the IPO candidates with overall IPO readiness and accounting advisory services
Timeline for your IPO
General time-line and to-do for K-IPO is as below. Careful project management is required to ensure timely and successful K-IPO
Advance Preparation
- Initial tapping with KRX
- Formation of working group; engage underwriter, auditor and legal council
- Preparation of timetable for K-IPO
- Prepare IPO vehicle;
- Tax status
- Ownership structure
- Company form
IPO Preparation
- IFRS conversion for historical Financial Statements (FS)
- Audit of the FS
- K-SOX implementation
- K-SOX review
- Modify corporate structure
- Due diligence by underwriter and legal council
- Obtain Technical Valuation report if applying for Technical IPO
Listing Eligibility Review
- Application for listing eligibility review
- Issue comfort letter to be attached to eligibility review application (ERA)
- Response to regulator review comments
- Drafting offering circular (i.e. Securities Registration Statements, SRS)
IR & Public Offering
- Issue comfort letter to be attached to SRS
- Filing of SRS
- IR meetings
- Finalizing offering circular & pricing
- Subscription and allocation
Listing
- Application for initial listing
- Listing approval & trading
What PwC can help
- K-IPO Audit
- K-IPO Advisory
K-IPO Audit
- Audit of the financial statements
- Audit or review of the K-SOX (Internal Control over Financial Reporting)
- Issuance of comfort letters
- Assist management with the review of filing documents
- Assist management with responding to comments from the underwriter and KRX
- Post IPO, issuance of periodic audit and review reports on the financial statements and ICFR
K-IPO Advisory
- IPO project management support
- Tax and legal structuring advisory
- K-SOX advisory from design to implementation
- Enhancing capabilities of accounting function and financial reporting process
- Assistance with IFRS conversion and preparation of financial statements
- Assistance with preparation of filing documents
- Assist management with responding to external audit by the designated auditor
