t'way Air (TW, Daegu) parent company Sono International has submitted a preliminary initial public offering (IPO) review application to the Korea Exchange on June 26, 2026, according to local media.

Local outlet ChosunBiz said the company is targeting a valuation in the low KRW3 trillion won (USD1.9 billion) range, down from about KRW4 trillion (USD2.6 billion) discussed during a February 2025 pre-IPO funding round, due to losses at t'way Air.

Sono International's 2025 consolidated audit report showed revenue more than doubled to KRW2.1 trillion (USD1.3 billion), while operating profit fell to KRW89.9 billion (USD57.9 million) from KRW208.1 billion (USD134 million). The report showed t'way Air contributed KRW973.7 billion (USD627 million) in revenue but recorded a KRW151.7 billion (USD97.7 million) operating loss after joining the group.

Sono International owns 41.95% of t'way Air directly, and 64.33% in total, including indirect holdings through affiliates such as T'way Holdings.

The filing follows a petition by minority shareholders of T'way Holdings, who asked the local bourse and South Korean financial regulators to require Sono International to disclose its plans for the listed holding company and measures to protect minority shareholders before the IPO proceeds. They argued the listing would create a multi-layered listed group.

Separately, Sono International said the IPO will support the expansion of its domestic and overseas hospitality business and the development of an integrated hotel and aviation platform.