[Market In] 'K-Beauty Unicorn' Benow's OTC Valuation Exceeds 1.2 Trillion Won… Jumps 30% in One Year

- Transaction of existing shares with institutions in February last year at 900 billion won → Unlisted platform transaction this month at 1.23 trillion won

- Market price verified through the first peer-to-peer platform transaction… A green light for IPO valuation

- Numbuzin and fwee continue their global success, heightening IPO expectations

It has been confirmed that the corporate value of global beauty company Benow, which is pushing for a KOSDAQ listing, has far exceeded 1 trillion won in just one year. This is a figure that has risen by more than 30% compared to the corporate value evaluated during a large-scale transaction of existing shares targeting institutional investors last year, and market expectations are mounting ahead of the full-fledged listing process.

◇ Moving beyond 'block deals' to 'market transactions'… Proving a 1.23 trillion won valuation

According to Pitchdeck, it was found that in February 2026, Benow's existing shares were traded for the first time through an unlisted stock trading platform at an estimated corporate value of approximately 1.23 trillion won. This transaction is highly significant in that it was accomplished through a platform where an unspecified number of individuals participate, rather than the traditional block deal (bulk trade) method where a specific institution purchases shares in bulk. Since it is a price recognized by actual over-the-counter market participants, rather than a price agreed upon among a small number of institutional investors, it is interpreted as a positive signal for valuation calculation during future listings.

This is a remarkable growth trend compared to exactly one year ago. In February 2025, Benow conducted a transaction of existing shares worth 60 billion won from financial investors (FI) such as IMM Investment, LB Private Equity (PE), and V1 Capital Partners. The corporate value set at that time was approximately 900 billion won. In just one year, the corporate value rose by about 330 billion won, effectively placing it in the ranks of true 'unicorns (unlisted companies with a corporate value of 1 trillion won or more)'.

◇ Performance and global scalability drive up valuation

The market cites solid performance growth and success in the global market as the background for Benow's steep valuation increase. Benow has continued to achieve record growth every year, spearheaded by its skincare brand 'numbuzin' and makeup brand 'fwee'.

Sales, which were 114.5 billion won in 2023, more than doubled to 266.4 billion won in 2024, and during the same period, operating profit also nearly tripled from 27.1 billion won to 75.1 billion won. In particular, it is analyzed that the materialization of results in global markets such as Japan and the US stimulated investor sentiment. Benow has successfully established its color cosmetics brand 'fwee' on major channels like Qoo10 Japan and has actively expanded its overseas sales routes by establishing a US subsidiary.

Along with financial growth, the number of employees increased from 69 as of February '23 to 240 as of the end of last year, December '25, and operating profit also surged from 5 billion won in '21 to 74.5 billion won by the end of '24.

◇ Eyes focused on IPO valuation… Will it become the 'second APR'?

Having been recognized for a valuation in the 1.2 trillion won range through the unlisted trading platform, attention is drawn to the final corporate value Benow will receive in the upcoming IPO (Initial Public Offering) process.

Benow already selected Samsung Securities as its lead IPO underwriter in September 2024 and has been accelerating its listing preparations. The industry forecasts that Benow will become a trillion-won 'blockbuster' following in the footsteps of APR. The fact that strategic investors (SI) such as CJ Onstyle joined last year, heralding business synergy, is also a positive factor.

An IB industry official stated, "It is encouraging that the valuation of 900 billion won during the institutional investment attraction last year has been verified at 1.23 trillion won through market transactions in just one year," adding, "As the recent global performance of K-beauty brands is having a direct impact on corporate value, it remains to be seen how much higher an evaluation Benow can draw during the listing process."