Korea IPO Calendar Nov. 9-13, 2026: AL Robot, JNTG and Three More

Five Korean companies take retail orders for their initial public offerings between Nov. 9 and Nov. 13, 2026, all headed for the KOSDAQ, the Korea Exchange's market for smaller and growth companies. Only one, robot sensor maker AL Robot, has a final price. The other four set their prices on Nov. 9, 10 and 11, a day or two before their order windows open.

The largest deal of the week belongs to JNTG, a maker of carbon materials for energy storage and fuel cells, which is selling 4.3 million shares for ₩113.5 billion to ₩137.2 billion ($83.7 million to $101.1 million). The calendar comes as the market turns rough: the KOSPI plunged 6% on Nov. 6, the Korea Herald reported, and a recent KOSDAQ newcomer, TNE Korea, slipped below its IPO price the same day.

Won amounts here are converted at ₩1,356.6 per dollar, the won's 3:30 p.m. rate in Seoul on Nov. 6, 2026, as reported by the Korea Herald. Unless noted, the figures come from each company's securities registration statement or prospectus on DART, Korea's electronic disclosure system run by the Financial Supervisory Service.

Here's what you need to know.

The listing dates for AL Robot and Hana Aero Dynamics come from Edaily and the Financial News. The filings of the other three say the listing date has not yet been fixed. Unused subscription money is returned on Nov. 11 for AL Robot, Nov. 13 for Hana Aero Dynamics and Nov. 17 for the last three.

How Korean IPO Subscriptions Work

A Korean IPO runs in two steps. First comes demand forecasting, the local name for bookbuilding: institutional investors bid a price and a quantity, and the issuer and lead underwriter use those bids to fix the final offer price. Then retail investors place orders, or "subscribe," for a fixed slice of the deal over two days.

AL Robot shows how lopsided the first step can be. In its demand forecast, 2,227 institutional bids asked for 871.74 times the 1.8 million shares set aside for institutions, and 97.17% of the bids named the top of the range, its pricing filing shows. Only 1.17% bid below the bottom.

To subscribe, a retail investor needs an account at one of the underwriting brokerages. Daishin Securities, for example, takes online orders from any customer who holds an account on the first subscription day and charges ₩2,000 ($1.47) per online order, according to AL Robot's filing. The eligibility rules in the filing list foreign nationals, identified by an alien registration number or, for non-residents, other approved identifiers, alongside Korean individuals and companies.

The deposit, or margin, is 50% of the order value. Institutions put up no deposit. An investor may not subscribe to the same IPO through two different brokerages or through two accounts at one brokerage; such duplicate orders are rejected.

Allocation follows a fixed rule. At least half of the retail portion is split equally among everyone who put up the minimum deposit, and the rest is allocated in proportion to the size of each order. Simply put, a crowded deal leaves each person with very few shares, however much money they put in.

The week's three debuts show the effect. Dongwon Parts, a maker of chip-equipment parts that lists on Nov. 10, drew 238,550 retail applications for 507,500 shares, a ratio of about 1,219 to 1, its offering results report shows. The orders were worth ₩16.4 trillion ($12.1 billion), and the equal-allocation pool of 253,750 shares gave each applicant one share.

The other two were far quieter. Baropharm, a pharmacy ordering platform listing on Nov. 11, saw retail demand of about 19 times its offer, and NexEye, a cancer drug developer listing on Nov. 12, about 13 times, according to their results reports. The English spellings of these three follow the Asia Business Daily's English edition.

Korea context: On its first trading day, a new listing's price limits are set around its offer price, not a market opening price: the stock may trade between 60% and 400% of the offer price, AL Robot's filing explains, and the Seoul Economic Daily reported the same rule in September 2026. Volatility interruptions, the short automatic pauses used on other days, do not apply on listing day. From the second day, the normal daily limit of 30% up or down applies, as our guide to Korean price limits explains.

AL Robot: The Only Final Price

AL Robot makes force and torque sensors that let robots measure how hard they push or twist, along with motor controllers. Its main products are torque sensors for the joints of collaborative robots and six-axis force sensors fitted to robot hands, and it began mass shipments to a Japanese robot maker, identified only as SE, in March 2026, Edaily reported.

The price was fixed at ₩17,600 ($12.97), the top of the range, for 2.4 million new shares, raising ₩42.24 billion ($31.1 million). At that price the company would be worth about ₩212.4 billion ($156.6 million) after listing, Edaily reported. Institutions agreed to lock-ups, or holding periods, on only 1.13% of the shares they requested.

The company is still losing money. Revenue was ₩15.0 billion ($11.0 million) in 2025, with an operating loss of ₩1.3 billion ($1.0 million), its registration statement shows. AL Robot lists under the technology special-listing track, which lets companies without profits list after an expert review of their technology.

"We thank the investors who showed interest in our technology and growth potential through this demand forecast," CEO Kang Dae-hee said, according to Edaily (translated from Korean). He added that the company aims to "secure new growth opportunities in next-generation robot markets such as humanoids" (translated from Korean).

Hana Aero Dynamics: Aircraft Tooling

Hana Aero Dynamics designs and builds the jigs and fixtures used to assemble aircraft, machines aircraft parts and assembles airframe structures. It is selling 4.4 million new shares at ₩4,700 to ₩5,700 ($3.46 to $4.20), for ₩20.7 billion to ₩25.1 billion ($15.2 million to $18.5 million).

Its customer base is narrow. Korea Aerospace Industries (KAI) and Bell, the U.S. helicopter maker, together made up 83.46% of 2025 revenue and 91.19% in the first half of 2026, the filing shows. Parts for the Bell 412 helicopter alone were 26.4% of first-half revenue, the Financial News reported.

Profits are growing from a small base. Revenue rose to ₩33.3 billion ($24.5 million) in 2025, with operating profit of ₩5.0 billion ($3.7 million), and first-half 2026 operating profit was ₩4.8 billion ($3.6 million) on revenue of ₩20.6 billion ($15.2 million).

"With this listing, we will expand our production infrastructure, broaden our business into composites, space and unmanned aircraft, and leap forward as a global comprehensive aerospace manufacturer," CEO Son Chang-hwan said at a press briefing on Nov. 5, 2026, according to the Financial News (translated from Korean).

C&M and MBD: Motors and Cancer Tests

C&M was spun off from LG Electronics' motor division in 2006 and makes motors and motor parts for cars and home appliances. Its customers include LG Electronics, Hanon Systems and Hyundai Mobis, Edaily reported, and revenue reached ₩238.5 billion ($175.8 million) in 2025. It is selling 2.95 million new shares at ₩10,000 to ₩13,000 ($7.37 to $9.58).

Two points in C&M's filing stand out. Its 2025 financial statements were restated after auditors found an accounting error during the first-half 2026 review. And 45.75% of its shares can trade from the first day, the largest free float of the five; LG Electronics will hold 10.43% after the offering.

MBD grows patients' cancer cells into three-dimensional organoids, small lab-grown models of a tumor, and tests cancer drugs on them to predict which treatment may work. It sells that test as a service called Oncosensi, launched in March 2024, Pharm Edaily reported. MBD is selling 2 million new shares at ₩9,600 to ₩11,700 ($7.08 to $8.62) through the technology special-listing track.

MBD's valuation rests on the future. The underwriter priced it from estimated 2029 net profit, and the company itself forecasts operating losses of ₩4.88 billion ($3.6 million) in 2026 and ₩0.77 billion in 2027 before a profit in 2028, its prospectus shows. The CEO, co-founders and managers agreed to hold their shares for three years.

JNTG: The Week's Biggest Deal

JNTG makes carbon materials used as electrodes in long-duration energy storage systems (ESS) that do not use lithium, as gas diffusion layers in hydrogen fuel cells and as substrates in water electrolysis equipment. Doosan Fuel Cell, Bosch and Hyundai Motor are its main customers, Edaily reported.

Its growth has been fast. Revenue jumped 229.44% to ₩72.4 billion ($53.4 million) in 2025, with operating profit of ₩21.3 billion ($15.7 million), and first-half 2026 revenue was ₩60.7 billion ($44.7 million), the filing shows.

Unlike the other four, JNTG's deal includes old shares. Of the 4.3 million shares, 3.3 million are new and 1 million are sold by co-CEO Jang Jae-won, the largest shareholder, and a related party, so that money goes to the sellers, not the company. The largest shareholder and some related parties agreed to keep their remaining shares for 30 months.

The listing is about capacity, co-CEO Lee Eun-suk told Edaily. Expanding "production capacity and production lines to respond in advance to global customers' demand outlook and growing orders is the core purpose of the listing," she said (translated from Korean).

Two Things That Are Not on the List

Samsung Biologics appears on the DART subscription calendar for Nov. 9-10, but it is not an IPO. The listed contract drug manufacturer is raising ₩2.66 trillion ($1.96 billion) by selling 2.27 million new shares at ₩1,174,000 ($865) each, first to existing shareholders on Nov. 9-10 and then any unclaimed shares to the public on Nov. 12-13, its filing shows.

One IPO dropped out of the week. Dabeeo Inc., a mapping and spatial data company, had planned retail subscriptions for Nov. 10-11, but an Oct. 30, 2026, amendment pushed its demand forecast to Nov. 23-27 and its subscription to Dec. 1-2, 2026. Schedules can move whenever a company files a corrected statement, so the DART filing is the place to check.

What to Watch

The final prices come first: Hana Aero Dynamics on Nov. 9, MBD on Nov. 10, and C&M and JNTG on Nov. 11. A price at, above or below the range will show how hungry institutions were after the Nov. 6 sell-off.

Free float matters on listing day. The share of stock that can trade immediately ranges from 28.98% at JNTG to 45.75% at C&M. Readers new to the market can see how the KOSDAQ differs from the main board in our explainer on the KOSPI, KOSDAQ and KOSPI 200.

Taken together, the week offers one priced deal and four still waiting for theirs, and the next markers are the price notices on Nov. 9, 10 and 11, AL Robot's debut on Nov. 18 and Hana Aero Dynamics' targeted listing on Nov. 20, 2026.