IBKS No.25 Special Purpose AcquisitionIBKS제25호스팩

IBKS No.25 is a shell SPAC with no revenue, a stock down sharply from its 52-week high, and a pending merger decision in its filings.

IBKS No.25 Special Purpose Acquisition is a KOSDAQ-listed blank-check company whose only purpose is to merge with a private or listed company. It reported no revenue and small losses for 2025 and the half-year to H1 2026, with about ₩2.3B in cash and ₩1.3B in borrowings. Its shares closed at ₩2,090 on 2026-10-29, roughly 70% below the 52-week high, for a market cap of about ₩12.5B.

What stands out

• Revenue was zero in 2025 and in the trailing period to H1 2026, and operating loss was about ₩26M, so the company has no operating business to judge.
• The profile says it is not negotiating with or evaluating any specific target, yet recent filings include a merger decision, amended merger decisions, and a shareholders' meeting called, which the data does not explain.
• The share price fell 4.6% over one month and 9.1% over three months, and sits near its 52-week low of ₩2,030.
• Price-to-book is about 1.1, and the data gives no P/E or P/S because there are no earnings or sales.
• Foreign ownership is 0.2%, and over the last 20 days institutions were net sellers of about ₩1.2B while retail investors were net buyers of about ₩1.2B.

What to watch

• The contents of the merger decision and the shareholders' meeting, since the data does not say which company, if any, is the merger counterparty.
• Further amended filings, given that several merger-related documents were amended in October 2026.
• Whether the company's cash and borrowings change as the merger process proceeds, and the next quarterly report.