Tmon Signs IPO Lead Underwriter Agreement with Mirae Asset Daewoo... Targeting Listing Next Year

Additional Joint Lead Managers to Be Selected According to Future IPO Situation

[Asia Economy Reporter Kim Cheol-hyun] TMON (CEO Lee Jin-won) announced on the 27th that it has selected Mirae Asset Daewoo as the lead underwriter for its listing and has officially begun the initial public offering (IPO) process. TMON explained that it recently judged that profitability has improved and that a concrete strategy for mutually sustainable growth unique to TMON has been established, and thus has started practical consultations to determine the IPO method and detailed schedule.

Regarding the timing of the listing, TMON stated that it will decide through consultation with the underwriter but is reportedly planning to do so within 2020. If TMON succeeds in going public, it will become the first domestic e-commerce company to enter the Korean stock market. Since there is no precedent, TMON explained that it selected the lead underwriter as a partner to strategically consider how to communicate with the market regarding the pricing of the public offering and various listing requirements. Although TMON has selected the lead underwriter this time, it plans to select additional joint underwriters as needed while proceeding with specific IPO preparations in the future.

TMON started in 2010 as Korea’s first social commerce platform and is celebrating its 10th anniversary this year. After beginning a business structure transition to "time commerce" last year and achieving rapid performance improvement, it recorded its first monthly profit in March of this year. It also expects to maintain continuous quarterly profits after the second quarter, and if this trend continues, it anticipates an annual profit for this year. TMON stated that it will not rush the listing, judging that it is appropriate to maintain a profit trend through this year and early next year to gain market trust in profit realization before proceeding with the listing.

Lee Jin-won, CEO of TMON, said, "We are pursuing an IPO to strengthen transparent management along with stable capital expansion," and added, "We will do our best to ensure a successful IPO as a company that not only demonstrates improved performance this year to dispel market concerns about unprofitable e-commerce companies but also achieves future growth potential and stable profits."

This content was produced with the assistance of AI translation services.