iM Securities Raises 150 Billion Won via Hybrid Capital Notes

iM Securities has raised 150 billion won through an issue of hybrid capital securities, with the proceeds set aside to broaden its asset-management and investment-brokerage operations. The move gives the brokerage a fresh block of long-dated funding to deploy into higher-growth business lines without leaning on conventional debt or a share sale.

What Hybrid Capital Buys a Brokerage

Hybrid capital securities—often structured as perpetual, deeply subordinated notes—sit between straight debt and equity. Because they carry no fixed maturity and rank below senior creditors, accounting and regulatory frameworks typically let issuers treat a portion of the proceeds as capital rather than borrowing. For a securities firm, that distinction matters: a stronger capital base supports the net-capital metrics that regulators watch and expands the room a brokerage has to underwrite, trade, and warehouse positions.

The trade-off is cost. Investors demand a higher coupon in exchange for the subordination and the open-ended term, so the instrument is generally reserved for funding that management expects to earn back through growth rather than for routine liquidity.

Where the 150 Billion Won Is Headed

iM Securities has tied the raise directly to two business lines. The first is asset management—the proprietary and client-facing investment operations where a larger capital cushion allows bigger and more diverse positions. The second is investment brokerage, the intermediation business that connects issuers and investors and generates fee income from deal flow.

Channeling perpetual-style capital into these areas points to a growth posture rather than a defensive one. Rather than refinancing existing obligations, the firm is adding capacity, betting that expanded trading and brokerage activity will out-earn the cost of the new notes.

A Financing Tool Gaining Ground Across Sectors

iM Securities is far from the only Korean issuer reaching for this structure. HL D&I Halla, a construction company founded in 1980 and listed on the KOSPI since 1994, moved to issue 80 billion won of hybrid capital securities at the end of September 2025. That firm posted roughly 1.58 trillion won in annual revenue for 2025, with HL Holdings and related parties holding a combined 46.36% stake—an illustration of how the instrument now spans financials and heavy industry alike.

The appeal is consistent across those very different balance sheets: companies can shore up their capital position and fund expansion while limiting the hit to reported leverage. For a brokerage such as iM Securities, whose regulatory standing is tied closely to capital adequacy, that quality makes hybrid securities a natural fit for financing the next leg of growth.

What Comes Next

The test now is execution. Capital raised on perpetual terms is only as good as the returns it funds, and iM Securities has framed this issue squarely around building out asset management and brokerage. Whether the 150 billion won translates into durable fee and trading income—rather than simply a heavier coupon burden—will determine how the raise is judged over the life of the notes.