South Korea’s new-issue market has cooled sharply, with 11 companies that listed in the second half of this year averaging a -25.61% return against their IPO prices, according to Korea Exchange data. Only Neoview and Ingenia Therapeutics trade above their offering prices, while nine others are lower. Lemon Healthcare, HL Genomics and Delicious have each lost more than half their IPO value, while Gido Industry fell from 28,400 won to 15,020 won in one week after listing on KOSDAQ (South Korea’s junior stock market) on the 21st. The weakness contrasts with the first half, when six companies quadrupled their IPO prices on debut, a performance known as a "ttattable." The broader correction in the KOSPI and KOSDAQ has weakened demand for new listings, while institutional interest has also declined. Sky Labs priced its IPO at 10,000 won, below its 13,000-to-16,000-won indicative range, with institutional demand at 63.41 to 1 and a lock-up commitment ratio of 0.17%. Analysts say the market could partially recover if equities stabilize and proposed IPO reforms, including pre-demand forecasting and cornerstone investors, gain momentum. They also stress that sustained post-listing performance, rather than first-day excitement, will be crucial to restoring confidence.