South Korea’s initial public offering (IPO) market is expected to gain momentum this year, with top companies valued at several trillions of won making debuts on the local stock markets.

According to multiple sources from the investment banking industry on Tuesday, a slew of large companies whose valuation exceeds 1 trillion won ($755.5 million) are expected to go public in the second half of this year.

FADU Technology, a fabless storage solutions company, applied for preliminary approval with the Korea Exchange in March.

Founded by former Samsung Electronics Co. and SK hynix Inc. engineers, FADU Technology joined the ranks of unicorns, or private companies worth $1 billion or more, with an estimated enterprise value of 1.08 trillion won from venture capital firms Forest Partners Co. and IBK Capital Corp. in its pre-IPO fund-raising in February.

Seoul Guarantee Insurance Co. is also expected to submit its preliminary approval application to the Korea Exchange in June, with an aim to be listed on the Kospi market as early as October or November. The company is estimated to be worth 2~3 trillion won.

Doosan Robotics Inc., a robotics unit of Doosan Group, also selected Mirae Asset Securities Co. and Korea Investment & Securities Co. as underwriters in March and will soon apply for preliminary approval with the Korea Exchange.

EcoPro Materials Co., a unit of leading electric-vehicle battery materials supplier EcoPro Group, also filed for preliminary approval with the Korea Exchange last month. LS Materials Co., an affiliate of LS Group, is preparing to file for approval for listing on the secondary Kosdaq market next month.

LG CNS Co., and SK ecoplant Co. are also considering joining the stock markets in the second half of this year.

There are growing expectations that the overall market environment for IPOs has changed from the end of last year following recent successful listings by GigaVis Co., a maker of AOI equipment for semiconductor industry, and others.

GigaVis went public on May 24 with a market cap of 545.1 billion won. Its value soared to 1.14 trillion won with a surge in stock prices on the first day of the listing.

The benchmark Kospi index rose 1.04 percent on Tuesday to close the day at an annual high of 2,585.52 on the back of upbeat semiconductor stocks such as those of Samsung Electronics Co. and SK hynix Co.

Foreign investors net purchased 675.6 billion won in Kospi shares on Tuesday. Samsung Electronics shares finished 2.84 percent higher at 72,300 won.

By Oh Dae-seok and Yoon Yeon-hae

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