Korea Investment & Securities, Musinsa’s representative lead underwriter, extended a 42 billion Korean won loan to Rafel, an investment company wholly owned by Musinsa board chairman Jo Man-ho, while also participating in project financing for Jo’s Soyo Hannam development. The loan carried a 5.30% annual interest rate at the end of 2025 and was secured by 5,866,900 Musinsa shares held by Jo. The firm’s outstanding project-finance loan for Soyo Hannam stood at 15.4 billion Korean won, with a 5.70% annual interest rate and maturity in April 2029. It was also listed as a financial institution holding a 60 billion Korean won quasi-security interest over the project operator’s stake in Soyo Hannam Residence. Market observers say the overlapping roles could raise conflict-of-interest concerns during Musinsa’s IPO, because a higher valuation and offering price would increase the value of Jo’s pledged shares and reduce the lender’s recovery risk. An industry insider said managing potential conflicts would remain a critical issue even if an information barrier (internal separation between business units) exists between the securities firm’s lending or project-finance operations and its IPO underwriting team. Musinsa applied for preliminary listing review on the Korea Exchange’s securities market on the 7th, with Korea Investment & Securities and Citi Group Global Markets Securities as lead underwriters. The Korea Exchange said the review was underway and declined to confirm details, while Korea Investment & Securities said the exchange would examine qualitative screening requirements for the IPO.