South Korea (KOSPI) Faces IPO Decline with Only 15 Listings in 2023

South Korea's IPO activity has declined sharply, recording just 15 new listings by June 3, 2023, with total proceeds of approximately $700 million. This contrasts with an average of 80 listings per year and $8 billion in proceeds from 2020 to 2025. The dominance of Chaebols, which make up 70% of the equity market cap, and a challenging inheritance tax structure are hindering new independent listings. In response, South Korea plans reforms to improve corporate governance and increase investor confidence, but the immediate impact appears bearish for IPO activity.