Listing Requirements for KOSPI Market
Criteria
Criteria Listing Requirements
Years in operation since incorporation At least 3 years
Business size Equity Capital1) At least KRW 30 billion
No. of Shares
to be listed		 At least 1 million shares
Distribution of stocks To meet all of the following requirements :
  1. To meet any one of the following shares requirements
    • At least 25% of shares held by general shareholders(in case where the number of stocks owned by general shareholders is at least 5 million[if the number of stocks to be listed is more than 50 million, 10% of the number of stocks to be listed shall be applied instead of 5 million], it shall be deemed to be met)
    • At least 25% of shares to be publicly offered(in case where the number of stocks to be publicly offered is at least 5 million[if the number of stocks to be listed is more than 50 million, 10% of the number of stocks to be listed shall be applied instead of 5 million], it shall be deemed to be met)
    • At least 10% of shares to be publicly offered after submission of application for listing eligibility review & At least the No. of the publicly offered shares should be as follows
      • 1 million shares : (Equity Capital) KRW 50 billion ~ KRW 100 billion or (Market Capitalization) KRW 100 billion ~ KRW 200 billion
      • 2 million shares : (Equity Capital) KRW 100 billion ~ KRW 250 billion or (Market Capitalization) KRW 200 billion ~ KRW 500 billion
      • 5 million shares : (Equity Capital) At least KRW 250 billion or (Market Capitalization) At least KRW 500 billion
    • In case of the simultaneous offering in Korea and abroad, At least 10% of shares shares to be publicly offered in Korea or abroad & 1 million shares to be publicly offered in Korea
  2. At least 500 general shareholders
주의general shareholders : the stockholders other than the largest shareholder and significant shareholders
Financial Performance
(Choose one of the options)
  1. To meet all of the following 'Sales2) & Profit requirements'
    • Sales : Higher than KRW 100 billion for the latest fiscal year &
      KRW 70 billion on average of the recent 3 fiscal years
    • Profit(Profit before income tax from continuing operation)
      • To meet one of the following 'Profit before income tax from continuing operations or ROE'
        • Profit : Higher than KRW 3 billion of the latest fiscal year & KRW 6 billion in total of the recent 3 fiscal years
        • ROE : Higher than 5% of the latest fiscal year & 10% in total of the recent 3 fiscal years
        • In case of Large-sized company(The company with equity capital over KRW 100 billion) : In the recent fiscal year, Profit higher than 5 billion or ROE higher than 3%, & Positive operating cash flow
  2. To meet all of the following 'Sales & Market capitalization requirements'
    • Sales : Higher than KRW 100 billion of the latest fiscal year &
    • Market capitalization : Higher than KRW 200 billion as of the application date for initial offering
      • 주의Market capitalization : the amount determined by multiplying the issuing price at the time of recent public offering or secondary distribution by the number of stocks to be listed as of the listing application date
  3. To meet all of the following 'Profit & Market capitalization requirements'
    • Profit : Higher than KRW 5 billion of the latest fiscal year &
    • Market capitalization : Higher than KRW 200 billion as of the application date for initial offering
  4. To meet all of the following 'Market capitalization & Equity capital requirements' as of the application date for initial offering
    • Market capitalization : Higher than KRW 500 billion &
    • Equity Captial : Higher than KRW 150 billion
  5. To meet the following 'Market capitalization requirement' as of the application date for initial offering
    • Market capitalization : Higher than KRW 1,000 billion
Auditor’s opinion
  1. The latest fiscal year : Unqualified
  2. 2 fiscal years before the latest fiscal year : Unqualified or qualified
    (Excluding qualified opinion due to the limit placed on the scope of audit)
주의Including the audit opinion on the consolidated financial statement, if the company is subject to the preparation of consolidated financial statement
Restriction on disposal of shares held
by Largest Shareholder, etc.
  1. Stocks held by the largest shareholder, etc. and acquired from the largest shareholder, etc. within one year before applying for listing eligibility review : for six months after listing
  2. New stocks by third-party allotment within one year before applying for listing eligibility review : for one year from the issuing date. In case where the period from listing date to the date that falls on one year from the issuing date is less than 6 months, for six months after listing
Transfers of shares No restriction shall be placed on transfers of shares
fn. 1)
In case of company subject to the preparation of consolidated financial statement, the consolidated financial statement shall be used as the basis, but the non-controlling interests shall be excluded from equity capital
fn. 2)
Limited to the sales of goods and provision of services (In case of holding company, it refers to the sales amount stated in the consolidated financial statement)