This study analyzes the role of venture capitalists by examining the grandstanding phenomenon of venture capitalists in the KOSDAQ market, which has recently emerged as the center of venture financing. Venture capitalists are involved in IPOs in two contrasting roles. First, by resolving information asymmetry through their third-party certification role, they reduce the magnitude of IPO abnormal returns (AR). Second, through the grandstanding phenomenon in which venture capitalists induce IPOs earlier than the optimal timing, they facilitate IPOs at prices below intrinsic value, thereby expanding IPO abnormal returns (AR). The empirical analysis results show that firms backed by venture capital undergo IPOs earlier than firms without venture capital support. In the analysis of differences in IPO timing according to the experience level of venture capitalists, less experienced venture capitalists tend to conduct IPOs somewhat earlier, but this finding lacks statistical significance. Meanwhile, firms backed by venture capital are found to demonstrate better long-term performance after their IPOs. Based on these empirical analysis results, while the evidence is not sufficient to draw definitive conclusions, it appears that the grandstanding phenomenon of venture capitalists is occurring to some extent in the Korean IPO market as well.