Pepper & Salt Signs IPO Lead Underwriting Agreement with KB Securities

Pepper & Salt, a Content IP Commercialization Platform, Aims to Become a K-SNS Character and Creator Entertainment Company
Expanded into Japan and China and Exported to North America... Cumulative Exports Reached $1.5 Million Through September This Year

Pepper & Salt, a content IP commercialization company, announced that it had selected KB Securities as its lead underwriter for its initial public offering (IPO) and completed the underwriting agreement.

The selection of an underwriter is a major step in Pepper & Salt's preparations to enter the capital market. The company plans to work with KB Securities to firm up its listing timeline and detailed strategy while expanding its domestic and international IP businesses and further developing its management systems.

Pepper & Salt operates a business that connects content planning, product development, pop-up store operations, and online and offline distribution, focusing on K-content such as social media-based characters and creators. It has built its business capabilities by presenting products and experiential spaces tailored to each IP's characteristics and fan demand, and connecting online fandoms with offline experiences and purchases.

In particular, the company is expanding the ways consumers can engage with IP by combining product sales at pop-up stores with experiences, performances, and photo zones. It develops business models for different types of content through collaboration with distributors and IP partners, and handles everything from planning and product development to on-site operations in an integrated manner.

The company is also strengthening its data analytics systems to assess the profitability of its IP businesses. Pepper & Salt said it is enhancing its in-house AI-based IP analytics solution, "PS-VS," to quantitatively analyze the market potential of different types of content and the viability of offline businesses.

PS-VS analyzes online content and market data, as well as operating results from pop-up stores featuring comparable IP, to assess projected sales, appropriate average transaction values, operating schedules, and locations. The company said the solution enables it to obtain data needed to develop business plans for each IP and make operational decisions, while combining on-site operating experience with data analysis to make business planning more precise.

Efforts to reduce uncertainty in IP commercialization by combining data and IT technology are seen as an important factor in driving growth in the industry.

Pepper & Salt aims to become a "K-SNS character and creator entertainment company" that supports the growth of social media-based characters and creators in South Korea. Its ultimate goal is to go beyond IP commercialization and become a K-content IP operations platform. The company plans to build a business structure that creates long-term value for IP by identifying IP with strong growth potential and connecting branding, product development, licensing, distribution, and overseas expansion, rather than focusing solely on managing individual projects.

The company is also making progress in overseas markets. Pepper & Salt began expanding into Japan and China in 2026 and also started exporting to North America, achieving cumulative exports of $1.5 million through September 2026. Drawing on this overseas business experience, the company plans to develop market entry models that connect domestic characters and creators with consumers and fandoms in different countries.

Going forward, the company plans to expand its overseas business by developing products tailored to each country's market characteristics and consumer preferences and working with local partners. It will focus on connecting its domestic IP commercialization capabilities with overseas distribution networks, expanding the reach of K-SNS characters and creators, and building a business model that generates sustained overseas revenue.

Following the IPO underwriting agreement, the company plans to improve the profitability and operational efficiency of its existing businesses while gradually preparing for its listing by strengthening its financial and accounting systems and internal management capabilities.

Kim Seungju, Chief Strategy Officer (CSO) of Pepper & Salt, said, "Going forward, we will refine our business strategies for each IP by combining data analysis using PS-VS with on-site business experience. Drawing on our expansion into Japan and China and our export experience in North America, we will develop a model for taking domestic IP overseas."

This content was produced with the assistance of AI translation services.