Musinsa has kicked off the listing process, submitting paperwork to the Korea Exchange for an initial review on Monday, according to a company spokesperson. The plan is to debut on the Kospi main board. The company has previously indicated timing could be as soon as late this year or in the early months of 2027.
People with knowledge of the matter say the float could chase a price tag near 10 trillion won ($7.44 billion), which would put it among South Korea's biggest stock market debuts in recent years. Citigroup Inc. and Korea Investment & Securities Co. are running point as joint lead underwriters, with JPMorgan Chase & Co. and KB Securities Co. serving as co-underwriters.
Founded in 2001, Musinsa has evolved from a niche streetwear community into a global fashion platform. In Korea it operates the flagship "Musinsa" marketplace and the women-focused "29cm," and each draws millions of monthly active users.
In a July interview, Co-Chief Executive Officer Nam Cho noted that last year the company generated revenue exceeding 5 trillion won. He also set a 2030 ambition for 3 trillion won in international sales, with about one out of every three won from that target expected to come from China.
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A strong debut would add some much-needed life to Korea's primary market. Seoul IPOs raised slightly over $1 billion in 2026, following three consecutive years when totals surpassed $3 billion apiece. Meanwhile, SK Hynix completed the largest-ever US share sale by a non-US company.
Fashion retail has had a tougher run lately. Shein's much-anticipated Hong Kong listing has underwhelmed, with the stock down about 19 percent since it began trading. For everyday investors, this is a reminder that even buzzy consumer names can face choppy waters when they finally hit the market, so expectations around growth, profitability, and timing matter as much as the brand on the label.
