Korea Center Big Data Subsidiary Conducts Pre-IPO... "Listing Within 3 Years"
Korea Center Sells 16% Stake in Summers Platform
[Asia Economy Reporter Minyoung Cha] Big data analysis specialist Summers Platform is planning to be listed on KOSDAQ after separating from its parent company Korea Center.
On the 20th, Summers Platform announced that it had signed a pre-IPO secondary share sale contract worth 20 billion KRW, corresponding to about 16% of the total shares, to disperse its stock ownership. Summers Platform plans to select an underwriter and go public within three years. The parent company Korea Center held 89.49% of Summers Platform's shares, but this shareholding will decrease to 73.49% due to the secondary share sale.
Summers Platform is a company specializing in big data analysis by collecting various e-commerce market data. It secures 686 million standardized product data from its affiliate Enuri Price Comparison, actual shopping purchase data of 2.6 million members of the Smart Delivery application, and 100 million monthly delivery data. Its strength in big data helps identify trends in the domestic e-commerce market where sales performance is not publicly disclosed.
As of July 2018, Summers Platform had secured a product database (DB) of 290 million items. It increased to 463 million items in July last year and 686 million items this July, maintaining a steep annual growth rate of 68.27%. The proportion of big data business in total sales has also steadily increased. In 2018, big data sales accounted for 17% of Summers Platform's total sales, rising to 24% in 2019, and expected to exceed 40% this year.
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A Summers Platform official said, "The investment banking (IB) industry highly values Summers Platform's product DB and the growth potential of its big data business," adding, "Considering that the price-to-earnings ratio (PER) of global e-commerce big data listed companies is formed at around 40 times, Summers Platform can also apply a similar multiple in its corporate valuation."
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