South Korean beauty brand Manyo Factory made a successful 32 billion won ($25 million) IPO to the secondary KOSDAQ market, recording the highest subscription competition rate among companies that have gone public this year.

WHO: Founded in 2012, Manyo Factory is a K-beauty brand positioned using natural ingredients and organic botanical extracts. Product ranges included skincare, body care and makeup, with Pure Cleansing Oil being the brand's hero SKUs.

WHY: The company will invest the capital raised in expanding product ranges and into global markets like China, the US, and Europe.

DETAILS:

• Last year, Manyo posted a net profit of 17.3 billion won ($13.6 million), and 101.8 billion won ($80 million) in sales, a 63% jump from the previous year. Its operating profit was 24.5 billion won ($19 million).
• In 2022, overseas sales, mostly in Japan, accounted for more than 50% of the company's total sales.
• L&P Cosmetics, the owner of the brand Mediheal, acquired a majority stake in Manyo Factory. As of last year, the group owned a 76.48% stake in the brand.