South Korean underwear retailer M Corset is going public on the Kosdaq secondary bourse.
The IPO has been announced as a move to improve the firm’s brand awareness in Asia. Its initial share price is being set at KRW10,100 to KRW11,500 (US$9–$10.35) per share, or up to 29 billion won (US$26 million) based on the top-end price.
A spokesperson for the company at the press conference for the IPO said “We will use our IPO momentum to make inroads into Asian markets, including China.”
The brand, which has an almost 20-year history, made the leap from TV home-shopping channels to brick-and-mortar stores through the success of its 19 underwear brands for men and women under 19 – the most popular of which is Wonderbra, which made up 43 per cent of its total sales of KRW124.3 billion (US$112 million) last year.