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Biz News Korea(Eng)
Viva Republica readies $6.1 bn IPO as early as 2024
- Collected
- 2023.12.21
- Distributed
- 2023.12.22
- Source
- Go Direct
![Lee Seung-gun, chief executive officer of Viva Republica [Courtesy of Viva Republica]](https://pulsenews.co.kr///file.mk.co.kr/meet/neds/2023/12/image_readtop_2023_975395_17031313965761002.jpg)
Lee Seung-gun, chief executive officer of Viva Republica [Courtesy of Viva Republica]
According to sources familiar with the investment banking industry on Wednesday, Viva Republica recently sent a request for proposal (RFP) to large securities firms from home and abroad. Major domestic brokerages with underwriting capabilities are known to have received the request.
Viva Republica is eyeing on a stock market debut at the end of 2024 or 2025, according to sources.
“Viva Republica is expected to select a lead underwriter by next month,” said an unnamed official from a brokerage firm.
Viva Republica launched easier money transfer solutions through its online application Toss after its inception in April 2013.
The company has since expanded its business into a broader range of financial services, including ads for loans, online payments, and sharing with users information on credit ratings. In 2021, Viva Republica expanded its operation of Toss Securities and Toss Bank.
Viva Republica also broadened its business areas by acquiring VCNC, the operator of the ride-hailing service Tada, entering the mobility sector.
It now offers a diverse range of over 70 services. The Toss platform boasts a user base of more than 15 million monthly active users.
Lee Seung-gun, chief executive officer of Viva Republica, is the company’s largest shareholder with 15.6 percent stake. When adding the stakes of special related persons, Lee’s ownership rises to 17.1 percent.
By Oh Dae-seok and Han Yubin
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