🧠 Food for thought

Implications, context, and why it matters.

Long-term investors eye Toss’s 2026 US debut

• Baillie Gifford (UK-based investment manager), Wellington Management (US asset manager), and WCM Investment Management (US fund manager) have taken long-view stakes. Their buy-and-hold style fits Toss’s planned Q2 2026 US IPO that targets over $10 billion and could raise $2-$3 billion 1.
• These firms likely want a position before shares list. Toss prefers a US venue to reach investors who know tech companies 2.
• Timing matches Toss’s first operating profit of 90.7 billion won in 2023 on revenue of 1.96 trillion won 1. Many institutions favor sound unit economics (profitability per customer or transaction) over fast growth.

Banks and pre-IPO firms should step up before Toss’s 2026 listing

• Late last year, Toss invited banks to pitch for IPO roles and plans to issue mandates (lead underwriting roles) soon 1. Advisors and legal or audit firms face a short window for what could be the largest South Korean US IPO since the South Korean e-commerce company Coupang raised $4.6 billion 1.
• Tech-focused banks should bring a track record valuing fintech super apps (one app that bundles payments with banking, investing, and insurance). Toss runs banking with securities, payments, and insurance that produced $1.9 billion of revenue in 2023 1.
• IPO support firms such as law firms, auditors, and investor-relations advisors can stand out if they grasp Toss’s global expansion plans 2. The company wants international users to reach half of its base within five years, which calls for cross-border growth and regulatory know-how.