Korean cosmetics companies such as Nature Republic and TonyMoly are said to be seeking to raise funds via initial public offerings in order to facilitate overseas expansion.

The plans are part of a widespread effort by businesses to capitalize on the ‘Korean wave’- the rising popularity of South Korean culture in overseas markets such as China.

Nature Republic is said to be finalising preparations for an IPO in cooperation with Korean financial services firm, Daishin Securities. The company has also raised the possibility that it will be listed on the Hong Kong stock market.

Nature Republic, which operates 680 stores in Korea, aims to expand into China, the US, the Middle East and Latin America.

TonyMoly is also said to be preparing to be listed on the South Korean stock market by July. The IPO is part of the cosmetics manufacturer’s plans to expand into China. It currently operates 600 stores in Korea.

Other companies said to be considering IPOs include It’s Skin, Banila Co. and Hana Kos, according to Korea Times.