Concerns are growing over KB Securities’ initial public offering (IPO) track record this year as a lull in major deal mandates has left a noticeable gap in its underwriting pipeline, putting pressure on co-CEO Kang Jin-doo, who oversees the firm’s investment banking (IB) operations, industry watchers said Tuesday. According to KIND, the Korea Exchange’s electronic disclosure system, KB has recorded no IPO mandates and raised no proceeds so far this year. Medical device maker Remedi is currently the only company to have filed for preliminary listing review with KB Securities as its underwriter. The slowdown marks a sharp reversal from last year, when KB Securities ranked first in IPO underwriting by proceeds. It led a total of 13 listings in 2025, including megadeals for LG CNS, Daehan Shipbuilding and Myungin Pharm, raising a combined 2.08 trillion won ($1.4 billion) in IPO funds. This year, however, the securities firm has missed out on mandates for high-profile IPO hopefuls, such as Kbank and Musinsa. Industry officials say Kang’s leadership of the IB division is entering a crit