This study aims to identify what inherent characteristics of multinational corporations' overseas subsidiaries drive their initial public offerings (IPOs) in host countries. Specifically, hypotheses were formulated and empirically tested based on the investment behavioral characteristics and largest shareholder characteristics of overseas subsidiaries. For the empirical analysis, survival analysis using the Cox Proportional Hazards Model was conducted on a sample of 436 manufacturing firms among foreign direct investment enterprises that entered South Korea between 2008 and 2011. The results are as follows. First, repeated investment by the parent company in the subsidiary was found to increase the likelihood of the overseas subsidiary's IPO. Second, when the largest shareholder was of foreign nationality, the likelihood of an IPO was found to be lower. Third, when the largest shareholder was a legal entity rather than a natural person, it was confirmed to have a negative effect on the IPO.