Fashion platform Musinsa files for IPO review, launching formal listing process

Musinsa, South Korea's largest fashion platform, has taken the first formal step toward going public by applying for a preliminary listing review. The company said it submitted the application to the Korea Exchange's securities market division on the 7th.

Musinsa is aiming to complete its listing in the first half of next year. Korea Investment & Securities and Citi Group Global Markets Securities will lead the IPO. The offering will be shaped with market conditions and investor protection in mind, according to information cited in the report.

The company began in 2001 as an online shoe community and grew into the country's largest fashion-focused platform. Its businesses include Musinsa Store, the online fashion platform, 29CM, which focuses on women's fashion, and Musinsa Standard, its private-label brand.

Industry estimates put Musinsa's value at around 8 trillion won. The company has calculated its internal valuation at about 10 trillion won, but is reportedly targeting a public offering valuation near 8 trillion won after applying a discount. The listing push is understood to be aimed at expanding its overseas business.