KOSPI market - Stock distribution criteria

Stock distribution criteria are divided into the matters of the general shareholders (proportion of the shareholdings and the number of the shareholders), the volume of public offering or secondary offering (the number of stocks and the proportion of the number)

Items Criteria
Number of stocks held by general shareholders
  • Proportion of the stocks held by general shareholders: 25% or more
  • Number of the stocks publicly offered: 25% or more
  • Large-sized corporation listed shall publicly offer 10% or more of shares and satisfy the requirements for public offering related to equity capital and market capitalization.
Number of stocks held by general shareholders
Equity capital
(as of the application date for listing eligibility review)
Market capitalization
(as of the application date for listing)
No. of shares offered
KRW 50 or more ~100 billion or less KRW 100 or more ~200 billion or less 1 million shares or more
KRW 100 or more ~ 250 billion or less KRW 200 or more~500 billion or less 2 million shares or more
KRW 250 billion or more More than KRW 500 billion or more 5 million shares or more
  • Corporation offering both in Korea and abroad shall have 10% or more of offered shares and 1 million shares or more offered in Korea
Number of general shareholders 1,000 or more (based on persons with voting shares)
KOSPI market - Calculation of the number of general shareholders
  1. General shareholders refer to the shareholders excluding the largest shareholder, etc. and the major shareholders (holding 10% or more of the total number of the issued stocks) among shareholders of the corporation concerned.
  2. As the stocks held by the employee stock ownership association are beneficially owned by multiple workers, they shall be included in the number of the stocks held by general shareholders regardless of the proportion of the number of the held shares, and shall be regarded as one (1) person when calculating the number of general shareholders.
  3. The number of general shareholders shall be calculated based on the register of shareholders as of the end of the latest fiscal year (as of the time of closing if the register of shareholders is closed after the end of the latest fiscal year) and the register of beneficial shareholders pursuant to [§316(1)] of the Financial Investment Services and Capital Markets Act, and the stock distribution status designated by the KRX.
KOSPI market - Stock distribution criteria of financial holding company

A financial holding company can be listed without public offering after listing eligibility review. In addition, a bank holding company of which the largest shareholder is the Korea Deposit Insurance Corporation can be seen as it satisfies the criteria for the number of stocks held by general shareholders in the case where the total number of voting shares held by its general shareholders is at least 10 million or 5% or more,

KOSDAQ market - Stock distribution criteria
KOSDAQ market - Stock distribution criteria
Item Criteria
Common application
  • Proportion of stockholdings of minority shareholders: 25% or more
  • Shared to be publicly offered after applying for listing eligibility review : 5% or more
  • Number of minority shareholders: 500 people or more
KOSDAQ market - Calculation of the number of minority shareholders
  1. General shareholders refer to the shareholders excluding the largest shareholder, etc. and the major shareholders (holding 10% or more of the total number of the issued stocks) among shareholders of the corporation concerned.
  2. As the stocks held by the employee stock ownership association are beneficially owned by multiple workers, they shall be included in the number of the stocks held by general shareholders regardless of the proportion of the number of the held shares, and shall be regarded as one (1) person when calculating the number of minority shareholders.
  3. The number of minority shareholders shall be calculated based on the register of shareholders as of the end of the latest fiscal year (at the time of closing if the register of shareholders is closed after the end of the latest fiscal year) and the actual listing of beneficial shareholders pursuant to [§316(1)] of the Financial Investment Services and Capital Markets Act, and the stock distribution status designated by the KRX.