SOUTH KOREA’S stock market for initial public offerings (IPOs) has been on fire in the third quarter, with record proceeds that are set to surpass Hong Kong’s for the first time since 2017.

Firms selling shares in Seoul have raised about US$10 billion since July 1, thanks to blockbuster IPOs like those of Tencent Holdings Ltd.-backed game developer Krafton Inc. and KakaoBank Corp. That’s about 73 percent higher than first-time share offerings in Hong Kong.

In fact, quarterly proceeds for Hong Kong were the lowest since the pandemic started as the Hang Seng Index plunged into a bear market in August.

Firms going public in South Korea have now raised almost US$16 billion this year, already an annual record, largely from IPOs linked to the technology sector that have seen strong retail participation.

(SD-Agencies)