Toss

07/2026 update: Toss reportedly put its Nasdaq ADR listing plans on hold, making a 2026 listing unlikely; the company had sought a valuation of ₩10–20T and is also exploring a domestic KOSPI listing.

In 04/2026 Toss reportedly filed a confidential Form F-1 registration statement with the U.S. SEC for a listing of American depositary receipts, following its FY2025 results.

07/2025 update: Toss aims to list in the U.S. in the 2Q2026 with a valuation exceeding $10 billion, potentially reaching $15B. The IPO could raise $2B to $3B. 

Toss disclosed information about cap table changes on its official website.

“We‘re not in a hurry and we will consider an IPO in earnest three years down the road, and could go public around 2025,“ said Lee Seung-gun, founder and CEO of Viva Republica, adding that the IPO could take place either in Korea or overseas.

The Korea Herald, June 2021

When asked about its listing plan, CEO declined to comment on its exact IPO schedule, but per previous media outlets, Viva Republica aims to go public in the next four years after increasing its revenue by 2025.

Yahoo Finance, December 2022

In 12/2023 Viva Republica kicked off procedures for its initial public offering, as the firm aims to select lead underwriters for the listing process.

04/2025 update: Toss plans a Nasdaq or NYSE debut in the 2H2025 or early 2026. When it sought a Korean IPO in 2023, the company’s value was estimated at 9.1T won in a pre-IPO equity investment ($7B). The enterprise value of Viva Republica is estimated at between 10T won and 20T won ($7.2B-$14.4B).