The Busan Metropolitan Government is expanding its support for initial public offerings by local companies.
The city said Wednesday it is accepting applications through July 4 for its "IPO Listing Support Program," run jointly with the Busan Techno Park. The program aims to help regional firms with strong technology and growth potential enter the capital market by facilitating their listing process.
Eligible applicants are prospective listees headquartered in Busan that are currently pursuing or planning an IPO. The city will select four companies through an evaluation process and provide up to 40 million won ($29,000) per firm to cover IPO preparation costs, including due diligence and valuation.
The program also offers end-to-end support for listing procedures. In partnership with the Korea Exchange (KRX), the city will provide step-by-step consulting from preliminary preparation through the listing eligibility review. Companies that have not yet secured a lead underwriter will receive brokerage matching assistance. The city also plans to build a cooperative network with the Korea Financial Investment Association, Korea Securities Finance Corporation, and accounting firms to support the entire listing process.
Starting this year, the city doubled the number of supported companies from two to four. Among last year's participants, Socialbean is targeting a listing in the second half of this year, while Medpark aims to go public in the first half of next year.
Companies interested in participating can apply online through the Busan Startup Portal.
"Busan companies have long struggled to clear the high bar for IPOs due to complex procedures and demanding requirements," said Lee Jin-su, director of finance and startup policy at Busan Metropolitan Government. "Through this program, we plan to actively support more Busan firms in successfully entering the capital market."