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