This article appeared on "Signal," the capital markets compass, at 7:02 p.m. on June 26, 2026.
Sono International will launch an initial public offering (IPO) on the Korea Exchange's main board within the year. The move is interpreted as resuming the listing after the financial structure of Trinity Aviation, its low-cost carrier (LCC) subsidiary that had been an obstacle to the IPO push, improved.
According to the investment banking (IB) industry on Friday, Sono International submitted a preliminary review application to the Korea Exchange that day. The planned number of shares to be offered is 19.7 million, equivalent to approximately 30% of the total shares scheduled to be listed (65,744,240 shares). Since a KOSPI preliminary review is typically completed within 45 business days absent any variables, the schedule is seen as allowing for a listing to be completed within the year. Mirae Asset Securities and Daishin Securities serve as the lead underwriters for the listing.
The push on the listing schedule is interpreted as having gained momentum after the financial structure issues at Trinity Aviation (formerly T'way Air), which had been an obstacle to the listing work, were resolved. Sono International's original plan was to complete the IPO last year, but it temporarily postponed the schedule to resolve Trinity Aviation's capital impairment problem. At the time, Sono International explained that, having only recently completed the acquisition of Trinity Aviation, it would first fulfill its responsibilities as the largest shareholder.
In fact, Sono International placed weight on enhancing financial stability by injecting large-scale funds into Trinity Aviation. Sono International and Sono Square provided 90 billion won and 20 billion won, respectively, in August last year, while Sono International also participated in Trinity Aviation's 87 billion won rights offering. As a result, Trinity Aviation's debt-to-equity ratio on a consolidated basis fell from 3,500% at the end of last year to 1,950% at the end of March this year.
The market is paying attention to whether Sono International will complete its listing within the year. KOSPI's IPO lineup has been broken off since K Bank, which listed in February this year, was the last. "While the regulation banning duplicate listings has blocked IPOs of large corporate affiliates, Sono International is an entirely different case," an IB industry official said. "Since it injected large-scale funds into Trinity Aviation, we expect a high evaluation in terms of its responsibility as the largest shareholder as well."
