As Korea’s IPO market regains momentum, retail-tech is emerging as one of its most credible new frontiers. The planned listing of ASWEMAKE — backed by NH Investment & Securities—signals a shift in how Korea’s digital transformation story is unfolding. What began as back-office retail innovation is now shaping into a full-fledged exportable SaaS model with regional impact.

Korea’s Retail-Tech Ecosystem Gains Another Global Contender

South Korea’s retail-tech startup ASWEMAKE has appointed NH Investment & Securities as its lead underwriter for an initial public offering (IPO), aiming for a 2027 listing. This move places ASWEMAKE among a rising group of Korean tech-driven retail solution providers seeking to redefine how regional markets integrate digital transformation across supply, logistics, and customer engagement.

The company said the partnership with NH Investment & Securities reflects a shared vision for long-term growth and market credibility. It marks the beginning of a structured journey toward a public listing, supported by one of Korea’s most experienced investment banks.

ASWEMAKE and NH Investment & Securities Begin IPO Journey

Founded in 2019, ASWEMAKE operates across the full retail technology stack, offering digital transformation (DX) tools for food-materials marts alongside warehouse management systems (WMS), enterprise resource planning (ERP), point-of-sale (POS) integration, and O2O (online-to-offline) solutions.

NH Investment & Securities, known for leading major IPOs including Kakao Pay and Krafton, maintains a 100% approval rate in preliminary listing reviews over the past three years. The firm has built its reputation on stable regulatory navigation and risk management in complex listing environments.

The underwriter noted that ASWEMAKE’s technological infrastructure and business scalability position it among Korea’s most promising SaaS-driven retail innovators.

Building Korea’s Digital Retail Infrastructure

ASWEMAKE has become a key player in Korea’s retail digitalization movement, targeting small and mid-sized food-material marts — a traditionally offline sector — through accessible SaaS integration. Its solutions streamline inventory, logistics, and point-of-sale processes, allowing retailers to compete with major chains that have long dominated the domestic market.

In December, the company will begin exporting its “K-DX Integrated Retail Solution” to Vietnam, signaling its entry into Southeast Asia’s emerging retail-tech market. The move not only aligns with Korea’s growing regional footprint in SaaS and logistics innovation but also supports its ambition to build Asia’s next retail-technology powerhouse.

Global Ambition in ASWEMAKE 2027 IPO Preparation Plans

An NH Investment & Securities spokesperson commented,

“ASWEMAKE has led digital transformation across Korea’s food-materials mart sector. We will fully support its goal of completing a successful IPO by 2027 and growing into a global company with a trillion-won valuation.”

ASWEMAKE CEO Son Soo-young added,

“We selected NH Investment & Securities for its proven record in large-scale IPOs and deep understanding of the retail-tech sector. Based on our technology that has driven Korea’s retail digitalization, we aim to become a publicly listed company representing Asia’s retail-tech innovation.”

Toward Korea’s SaaS Infrastructure Scale-Ups

ASWEMAKE’s IPO preparation marks more than a corporate milestone. It underscores how Korea’s startup ecosystem is maturing from platform-based innovation toward SaaS infrastructure scale-ups capable of regional export and global listing.

The retail-tech segment—once considered a slow-moving vertical—is now drawing serious venture and institutional attention as consumer supply chains across Asia adopt AI-based automation, logistics software, and data-driven commerce solutions. ASWEMAKE’s vertical integration across DX, ERP, and WMS technologies provides a tangible example of this trend in action.

NH Investment & Securities’ involvement further validates investor confidence in Korea’s next wave of B2B tech firms. Its decision to partner with ASWEMAKE aligns with the country’s broader IPO recovery cycle expected to strengthen by 2026, as domestic startups transition toward profitability and public readiness.

ASWEMAKE 2027 IPO Preparation Showcases Korea’s Retail-Tech on the Global Stage

ASWEMAKE’s 2027 IPO plan represents a pivotal test for how Korea’s SaaS-based retail innovation can scale internationally. The company’s export to Vietnam serves as a blueprint for Korean retail-tech firms aiming to penetrate Southeast Asia’s fast-growing commerce ecosystem.

If successful, ASWEMAKE’s public debut could illustrate how Korea’s startup ecosystem is maturing beyond rapid platform growth into infrastructure-led innovation. It would stand as evidence that the country’s early retail digitalization efforts are evolving into globally competitive SaaS exports—demonstrating how Korea’s practical, data-driven technology is beginning to define the next phase of Asia’s digital transformation.

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