KB No.32 Special Purpose AcquisitionKB제32호스팩

KB No.32 is a shell SPAC with no revenue, a small operating loss, and no merger target yet, trading near its 52-week range.

KB No.32 Special Purpose Acquisition is a blank-check company listed on KOSDAQ in July 2025, with the sole aim of merging with a private operating business. It reports no revenue, a small trailing operating loss of about ₩56M and a net profit of about ₩130M, largely from its cash holdings. The company has not yet chosen a merger target, so its future business is undefined.

What stands out

• Shares closed at ₩2,000 on 2026-10-22, a market cap of about ₩12.7B, sitting between the 52-week low of ₩1,950 and high of ₩2,055.
• Trailing financials show zero revenue, an operating loss of about ₩56M and net income of about ₩130M; the 2025 full year showed a net profit of about ₩61M.
• Cash of about ₩2.3B is set against borrowings of about ₩2.0B, and the reported liabilities-to-equity ratio is 16.7%.
• Valuation metrics like P/E of 97x are distorted by the tiny earnings base and are not meaningful for an operating business; the company pays no dividend.
• Recent filings are mostly routine (half-year report, quarterly reports, shareholder meeting notices, and 5%+ holding reports), and no news headlines were listed.

What to watch

• Any announcement naming a merger target, since the company's business depends entirely on completing a deal; none is in the data yet.
• Upcoming filings such as the next quarterly report and any further 5%+ holding reports, which signal ownership changes.
• Foreign ownership has fallen from 0.6% to 0.3% over 60 days and retail flows were net negative over 20 days, so shareholder composition and liquidity may keep shifting.