Musinsa, Goodai, Sono International lead second-half pipeline (Musinsa) South Korea's initial public offering market lagged the broader stock rally in the first half. But a pipeline of multitrillion-won listings in the second half could test whether investor enthusiasm finally spreads beyond large-cap technology stocks.Only 17 companies were listed on the Kospi and Kosdaq in the first six months, down from 38 a year earlier, according to market data. Total proceeds fell nearly in half to 1.13 trillion won ($730.8 million) from 2.21 trillion won.The slowdown was particularly severe on the Kospi, where internet-only lender K bank was the only new listing, compared with four in the same period last year.Although first-day trading remained strong, with IPOs posting an average opening gain of 180 percent, the momentum quickly faded. Fourteen of the 17 newly listed companies were trading below their offer prices as of Friday.Market observers attributed the disconnect to investor money flowing into semiconductor and artificial intelligence leaders, leaving new listings struggling to attract sustained buying. Stricter listing reviews, proposed curbs on duplicate listings and revised institutional lockup rules also encouraged companies to delay offerings.Attention is now shifting to several high-profile candidates expected to revive the market.Hotel and resort operator Sono International appears closest to listing after filing for a preliminary Kospi review in late June. The company is seeking a valuation of around 3 trillion won, with an IPO expected to raise roughly 800 billion won.The offering marks Sono's third attempt after abandoning plans in 2019 during the pandemic and postponing another last year because of market conditions. Investors will focus on whether the company can generate synergies from its acquisition of T'way Air while managing the financial burden and cyclical risks associated with the airline business.Online fashion platform Musinsa is also expected to seek preliminary approval in the second half. Once valued at about 4 trillion won in a secondary transaction, the company is now reportedly targeting a valuation approaching 10 trillion won as it expands into private-label brands, offline stores and overseas markets. Whether that premium can be justified remains a key question for investors.K-beauty company Goodai Global, owner of Beauty of Joseon and TirTir, is another closely watched candidate. Riding strong overseas demand for Korean cosmetics, the company has accelerated IPO preparations, including appointing former CJ Olive Young CEO Koo Chang-gun to lead the business. It is reportedly seeking a valuation of about 10 trillion won, though investors are expected to scrutinize whether recent acquisition-driven growth can be sustained.Artificial intelligence startups Upstage and Rebellions are preparing for listings that are more likely in 2027 than next year.Upstage, developer of the Solar large language model, is expected to seek a valuation of at least 2 trillion won after it acquires portal Daum. Rebellions, which designs AI chips, is aiming for a Kospi listing in the first half of 2027 with an estimated valuation of about 3.4 trillion won.Despite strong investor interest in AI, both companies face pressure to prove that their lofty valuations can translate into sustainable commercial growth before they reach the public market.