What does the tradable ratio at listing mean?

The share of listed stock that can actually be traded on day one, after founder and pre-IPO stakes and institutional lock-ups are held back.

Why does the ratio jump in certain months?

Those are the months when lock-ups expire. The registration statement lists the cumulative ratio at one, three, six and twelve months after listing.

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한국어

Tradable shares at listing (유통 가능 물량)

The share of shares that can actually trade on the first day, as a percentage of shares to be listed.
Also known as: Day-one float, free float at listing

What it is

Not every share trades when a Korean IPO lists. Founder and pre-IPO investor stakes plus institutional lock-up commitments are held back, so only the rest is tradable on day one. The registration statement shows the cumulative tradable ratio on the listing day and one, three, six and twelve months later.

Why it matters

A small day-one float limits early selling and makes prices swing more; a large one can mean heavy supply. Around 30% is a common reference point, but capital structures differ, so the number alone does not make an IPO good or bad.

What to keep in mind

Ratios are cumulative and measured against the shares to be listed; a separate column assumes all stock options are exercised. Watch the months where the ratio jumps — that is when lock-ups expire.

See related filings and news data →

This explanation is general information, not investment advice. Rules reflect September 2026 and may change; check official exchange and broker notices.

Tradable shares at listing (유통 가능 물량): questions

What does the tradable ratio at listing mean?: The share of listed stock that can actually be traded on day one, after founder and pre-IPO stakes and institutional lock-ups are held back.
Is a low tradable ratio good?: It limits early selling but also makes prices swing more. Around 30% is a common reference point, but capital structures differ enough that the number alone does not settle anything.
Why does the ratio jump in certain months?: Those are the months when lock-ups expire. The registration statement lists the cumulative ratio at one, three, six and twelve months after listing.