This article appeared on June 10, 2026, at 11:05 a.m. on Signal, the capital markets compass.
Seobuk, which operates the self-photo studio brand "Photoism," has pushed back the timing of its Kosdaq initial public offering (IPO) to next year. The company had aimed for a listing within this year after setting a record performance two years ago, but it is seen to have opted for a wait-and-see stance due to a sharp drop in operating earnings. With Insaeng Network, which first pioneered the market, having effectively shelved its own Kosdaq listing, forecasts suggest the "first self-photo studio IPO" will be difficult to achieve for some time.
According to the investment banking (IB) industry on Tuesday, Seobuk is reviewing a timeline to file for preliminary Kosdaq review with the exchange in the second half of the year at the earliest, or in the first half of next year at the latest. Until last year, the company had pursued a listing within the year, but it appears to have shifted course toward watching market conditions for the time being. NH Investment & Securities is serving as the sole underwriter for Seobuk's listing.
Behind the renewed delay in the listing plan lies last year's performance. In 2024, driven by revenue from the Photoism brand, the company posted record results with revenue of 51.5 billion won and operating profit of 7 billion won. Last year, however, it swung to an operating loss of 6.3 billion won and a net loss of 8.8 billion won due to the burden of costs and selling, general and administrative expenses. In that case, the company would have no choice but to pursue a special listing for unprofitable companies (the so-called Tesla listing), for which review standards have recently tightened.
The market has noted that, since no self-photo studio has ever entered the stock market, proving mid- to long-term profitability is the key challenge. LK Ventures, which operates the "Life4Cuts" brand that pioneered the self-photo studio market, also pursued a Kosdaq listing but is reported to have effectively abandoned it. That company also began its listing push in earnest from 2022, when it recorded its highest-ever operating profit (4.5 billion won), but fell into consecutive losses in 2024 and 2025.
Still, observers have raised the view that the expansion of its business areas into fields such as artist intellectual property (IP) could be a positive factor in the exchange's review. "There is criticism that the company's earnings depend too heavily on trends among the MZ generation, but on the other hand, there is rich potential to link up with IP and fandom," an IB industry official said. "The appeal lies in the point that it can connect with the K-content sector beyond being a simple self-photo studio." In the first quarter of this year, Seobuk's consolidated revenue and operating profit came to 15.7 billion won and 1.5 billion won, respectively, up from the same period last year (13.2 billion won and 300 million won).
