Toss Bank IPO Analysis: What Investors Need to Know Before the 2026 US Listing
Highlights
- Toss Bank's parent company Viva Republica plans to raise at least $2 billion in a US IPO slated for 2026.
- The South-Korean company estimates its valuation at between $10 billion and $15 billion.
- Toss Bank stocks are already available in pre-IPO trading ahead of the planned listing.
The parent company of Toss Bank, Viva Republica, is set to have an IPO in the US in 2026, at a valuation of between $10 billion and $15 billion.
The IPO plans to raise $2 billion to $3 billion, and a pre-IPO market for this stock is already live ahead of the planned listing.
Toss Bank had initially planned to have the IPO in South Korea in 2025, but later changed tone, saying it wants to expand its presence to the US and other countries.
What is Toss Bank?
Toss Bank is the main subsidiary of Viva Republica. It started as an app to facilitate financial transactions, but it has since evolved into a platform that offers stock trading and banking services.
The Toss banking app launched in 2013, and it already has 28 million users per the Korea Herald, which is 52% of South Korea’s entire population of $51.6 million.
Toss also has 19 million active users every month and 100,000 business customers.
The company is also dipping its toes in the blockchain space after CoinGape reported that Toss Bank has partnered with the Solana Foundation to facilitate cross-border remittances.
This partnership could make Toss Bank one of the crypto stocks that investors will be watching after the IPI happens.
IPO Valuation and Target Raise
Toss Bank has released minimal details about its upcoming IPO, with an official from the company saying “no specific plans or timeline have been set.”
However, Reuters reported that the company has a valuation of more than $10 billion, and this could even increase to $15 billion by the date of the IPO if the market conditions are favorable.
The IPO is planning to raise between $2 billion and $3 billion for the company, and if it achieves this target, the Toss Bank IPO will become one of the biggest done by a South Korean Company in the US.
E-commerce firm Coupang currently holds the record of having the biggest Korean IPO on US exchanges after it went public in 2021 and raised $4.6 billion.
The Financial Outlook
Toss Bank’s parent company, Viva Republica, posted its first profit of $62 million in 2024. That same year, the company’s annual revenue reached $1.4 billion per the Korea Times.
The most recent financial results for the company were those released in 2025, where the revenue came in at $1.8 billion, and the net profit soared to $131.8 million, marking the best year for the company since launching in 2013.
Toss Bank has already conducted eight private funding rounds between 2016 and 2022. The most recent one happened in December 2022, and the company raised $410 million
Toss Bank’s Pre-IPO Stock Technical Analysis
The only people who currently hold Toss shares are employees and those who participated in the private funding rounds, and they are trading their shares in pre-IPO markets.
Notice shows the Toss bank pre-IPO stock is trading at $21 today, June 22. The stock has dropped by 74% since January 2022, when it traded at $81.
The drop that is happening months before the anticipated US IPO listing has pushed the Toss Bank pre-IPO stock below the 200-day EMA level of $23, and this suggests that the long-term outlook is leaning in favor of bears.
The lower Bollinger band of $20.98 is currently the support level, with a move below set to accelerate the downtrend.
The current pre-IPO stock price of $21 might not be the actual price that the company’s shares will trade at once the IPO happens. This was seen with the SpaceX IPO, where the space company opened trading at $150, lower than the pre-PO price of $176 on Coinbase.
Can Retail Investors Buy Toss Before the IPO?
Retail investors cannot buy the Toss pre-IPO stock because it is currently available on platforms like Notice, Hiive, EquityZen, and Forge Global that are only open to institutional or accredited investors.
Crypto exchanges like Binance and Coinbase that are open to retail traders have expanded their footprint into the Pre-IPO market, but they have yet to list Toss Stock.
Retail investors have the option to wait and see whether a retail-friendly company is going to list the Pre-IPO stock or wait to buy once the IPO happens.
Frequently Asked Questions (FAQs)
1. What is the actual date for the Toss Bank IPO?
2. Is Toss Bank stock available in the pre-IPO market?
3. How much does Toss Bank plan to raise in its IPO?
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