Sono International files for Kospi IPO in global hotel expansion push

Sono International, the hospitality arm of Sono Trinity Group, has submitted a preliminary application for an initial public offering on Korea's main bourse, the company announced Monday.

The company filed the application with the Korea Exchange on Friday, with Daishin Securities and Mirae Asset Securities serving as joint lead underwriters.

Sono International operates approximately 15,000 hotel and resort rooms across 21 locations in Korea and 22 overseas destinations. Its portfolio includes a range of leisure facilities, including ski resorts and water parks.

The company entered the overseas market in 2020 by taking over the management of Vietnam's Song Gia Golf Resort, which has since been renamed Sono Belle Haiphong.

Since then, it has expanded its footprint across North America, Europe and Southeast Asia through acquisitions, including 33 Seaport Hotel New York and Hôtel Dame des Arts in Paris.

Sono International plans to expand its overseas portfolio to 55 hotels and resorts by 2029, with a particular focus on the Asia-Pacific region.

The hospitality company posted record results last year, reporting revenue of 968.8 billion won ($627 million) and operating profit of 248.2 billion won. The company said it has also maintained an annual operating margin above 20 percent.

"The Kospi listing will serve as a stepping stone to strengthen our customer-focused offerings and enhance our competitiveness not only in Korea but across Asia," a company source said. "Over the medium to long term, we will diversify our business portfolio and grow into a leading global hospitality company with both stability and growth."