South Korean Company Polled to Hold IPO on KOSDAQ This Week
Children's products specialist Polled will begin subscription for retail investors, running until May 6. The offering price was set at the top of the range at 5,000 won ($4.22) after high demand from institutional investors, where the competition ratio reached 1,486 to 1.
South Korean company Polled will hold an IPO on KOSDAQ this week
Introduction
This week marks a significant event in the South Korean IPO market: Polled, a company specializing in children's products (primarily car seats), will begin subscription for retail investors, running until May 6. The offering price was set at the top of the range at 5,000 won (approximately $4.22) after the institutional book-building phase showed overwhelming demand, with a competition ratio of 1,486.66 to 1 among 2,372 institutional investors (both domestic and foreign).
This story is notable not only for the demand figures but also for the company's roots. Polled began as an in-house venture initiative of Hyundai Motor Company (an internal startup) back in 2016, specializing in developing innovative car seats for children. It was only in 2019 that the company spun off from the auto giant into an independent business.
Event Details and Timeline
Path to Listing
The company, founded in 2016 as an in-house venture of Hyundai Motor, developed the ventilated child seat Air Love (AIRLUV) in 2018, which became its flagship product. A year later, in 2019, it legally separated from the parent company and launched as an independent corporation.
At the end of November 2025, Polled filed a preliminary review application for listing on the KOSDAQ stock exchange, appointing NH Investment & Securities as lead manager.
Financial Performance as a Growth Foundation
Polled's main trump card is its impressive financial performance trajectory. Already in 2024, the company achieved sales of 528.08 billion won (about $445 million) with an operating profit of 62 billion won. Since its founding (first year with sales around 72 billion won), the business has grown more than sevenfold, approaching the 800 billion won sales mark in 2025.
As of the third quarter of 2025, the company had already surpassed its previous year's figures: accumulated sales reached 61.8 billion won with an operating profit of 9.3 billion won (compared to 52.9 billion and 6.2 billion respectively for the full previous year).
IPO Stages
- April 2026: Submission of registration statement to financial authorities.
- April 22-28, 2026: Book-building among institutional investors.
- Book-building result: Competition ratio of 1,486:1, leading to the final price set at the top of the range (5,000 won).
- May 4-6, 2026: Public subscription for retail investors.
- May 14, 2026: Expected listing date on KOSDAQ.
The total funds raised through the issuance of 2.6 million new shares will be approximately 107 billion won (about $90 million). The company intends to use these funds for research and development (R&D), working capital, and construction of a logistics center.
Impact and Significance (for the world, industry, society)
For the Korean Stock Market
The Polled IPO is an important litmus test for the entire KOSDAQ market, especially amid current volatility. Institutional demand at 1,486 to 1 indicates that investors still value companies with real operating profit and a proven business model, particularly against high-risk tech startups.
The Korean stock market is experiencing a shift in IPO structure: not so much hyped AI stories but companies demonstrating sustainable growth and profitability in traditional industries are coming to the fore.
For the Consumer Sector
Polled is an example of successful transformation from "old" automotive to "new" retail. In partnership with well-known brands (Baby Brezza) and by developing the Pixel, Franklin, and Upang lines, the company has created a "premium parenting" ecosystem where children's products are no longer one-time purchases but have become a tech-enabled lifestyle.
The flagship product AIRLUV — a seat with ventilation and heating — has sold over 1 million units, earning the status of a leading Korean export brand in the children's products segment.
For Future Issuers
The successful Polled placement sets a trend for other companies preparing to go public in 2026. For example, alongside Polled, MakinaRocks (AI specialist), Chevi (EV chargers), and other players are undergoing procedures.
The market shows that investors are willing to pay a premium for liquidity and scale. Polled's offering price at the top of the range is not just issuer greed but a market signal: quality business is in demand even under high interest rates.
Reactions of Key Players
Institutional Investors
2,372 institutional investors participated in the book-building, and the 1,486 to 1 competition ratio is an outstanding result even for the Korean market, known for its high appetite for IPOs. Demand from foreign funds was also significant, highlighting international recognition of Polled's business model.
Lead Manager (NH Investment & Securities)
Polled's choice of NH Investment & Securities proved strategically sound. The successful placement will strengthen the company's reputation as a leading underwriter in the mid-cap IPO market.
Retail Investors
The upcoming subscription on May 4-6 will likely also show high demand. Amid the Korean stock market's weakness, the Polled IPO is a rare opportunity for ordinary investors to gain access to a fast-growing "real" asset with a clear product line, rather than speculative gambling.
Forecast and Conclusions
Valuations and Price Outlook
Setting the price at the top of the range (5,000 won) is an aggressive but justified bet. By multiples, considering 2025 sales of around 800 billion won and operating profit of about 104 billion won, the company is valued at around 300-400 billion won (market cap). For comparison, competitors in the consumer goods sector often trade at P/E of 15-20x.
The risk of a "first-day pop" is minimal since the price is already at the maximum, but upside is limited in the short term. Most likely, consolidation and gradual growth are expected if the company meets its annual profit forecast.
Strategic Development Directions
Raised funds will go into R&D and logistics. Polled already has strong positions in Korea and foreign markets (thanks to Baby Brezza and AIRLUV exports). Further expansion into the US and Southeast Asia could be the main driver of stock growth in 2026-2027.
Investor Takeaway
For retail investors, the Polled subscription is a moderately conservative story amid chaos in the crypto market and index turbulence.
Pros: Understandable product, growing revenue, high margins, strong brand (Hyundai heritage), use of funds for capacity expansion.
Cons: Demographic crisis in Korea (low birth rate pressures long-term domestic market capacity), dependence on imported components (logistics), potential overvaluation due to high IPO demand.
If an investor believes in the global trend of premium parenting (where more money is spent per child even if fewer children are born), then Polled is an excellent portfolio asset. All else being equal, shares are expected to trade in the range of 5,500-6,500 won on the first day, offering a potential 10-30% upside from the offering price.
— Editorial Team
