Key details

2 months prior to applying for listing eligibility review, the applicant should enter into a lead management agreement with a managing underwriter who will underwrite the shares to be issued and help smooth proceeding of listing preparations. Also, the managing underwriter should report the agreement to the Korea Financial Investment Association within 5 business days from the signing date.


  • Matters to be included in the lead management agreement
    1. Matters related to confirmation and investigation regarding the business results, business-related matters, financial soundness of the issuer,
    2. Matters on guidance and monitoring of finance, accounting, and tax management of the issuer,
    3. Matters on consultation and guidance regarding the listing criteria,
    4. Matters on the examination of descriptions in the registration statement, and
    5. Matters on examination of the reputation of the issuer and largest shareholders.
    6. Matters on cancellation, termination and change of the contract
  • Major roles of the managing underwriter
    1. Matters related to confirmation and investigation regarding the business results, business-related matters, financial soundness of the issuer,
    2. Matters on guidance and monitoring of finance, accounting, and tax management of the issuer,
    3. Date of listing, the base price of the first trading day (opening price), previous day's closing price (closing price)
    4. Average closing price for one month after the listing, last price after six months of the listing, highest and lowest prices for one year after listing
    5. Number of overallocated shares, method and average price of unwinding of short position, collection of subscription deposit, determination of the offering price, allocation of the subscribed shares, date of designation as administrative issue, date of delisting
    6. Monthly change of the stock price of a listed corporation and the index based on daily closing price
    7. Organizing and proceeding the works concerning public offering and solicitation of subscription
Duty of lead manager
  • A lead manager is required to file the performance repoert related to IPO of a corporation to the KOFIA including below information for three years after the listing. The KOFIA may disclose the information on its website.
    1. Issuer name and its market
    2. Public offering price ( of the lowest public offering price) and face value
    3. Listing date, opening price and closing price
    4. Current price and closing price of the previous day
    5. Average closing price for one month from the commencement date, closing price after six months, highest and lowest price for one year
    6. The amount of overpricing, the elimination of net-selling position(method, average price), whether to collect subscription margin, determination method of offering price, allocation of stocks, administrative issue designation date, delisting date.
    7. Monthly stock price/index volatility(based on daily closing price)
    8. The details if there is a par value division, par value merge, ex-right, ex-dividend,
    9. Financial status of KOSDAQ listed corporate.
  • Also, lead manager and underwriter should keep the data regarding due diligence of the issuer, public offering decision, subscription and assignment for three years from the listing date.
Related rules and regulations
  • Regulations on Securities Underwriting Business of KOFIA
  • Article [12] of the Enforcement Rules of KOSPI Market Listing Regulation