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Biz News Korea(Eng)
Café 24 in process to go public within the year: lead manager
- Collected
- 2017.07.28
- Distributed
- 2017.07.31
- Source
- Go Direct
Café 24’s initial public offering (IPO) has become possible with an eased listing regulation that makes exceptions in capital and income requirements for promising startup and technology entities to grant them greater fund-raising opportunities.
Because of the risk, a company going public under the exception provision allows shareholders a put option to sell back the stock to its underwriter at 90 percent of the IPO price should the stock price fall more than 10 percent.
“We’ll file for preliminary review late September. The IPO hopefully could take place within the year depending on market conditions,” said an official from Mirae Asset Daewoo.
Café 24 is an e-commerce platform that enables people from around the world to do their online business, offering shopping mall, marketing, and infrastructure solutions.
The six-year-old internet player posted its first-ever net profit of 1 billion won ($892,000) in the first quarter. Its revenue rose 14 percent on year to 27.2 billion won in the same period.
Lead underwriters are Mirae Asset Daewoo and Yuanta Securities Korea Co., with Hanwha Investment & Securities Co. as the co-underwriter.
By Shin Heon-cheol
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]