'Mobility Unicorn' Socar, Pursues IPO
[Asia Economy Reporter Buaeri] Car-sharing mobility company Socar is planning an initial public offering (IPO).
According to industry sources on the 10th, Socar distributed a request for proposal (RFP) to major securities firms yesterday to select an IPO underwriter.
A Socar representative stated, "We plan to proceed with the listing at an appropriate time considering growth strategies and market conditions," adding, "Nothing has been specifically decided yet."
Currently, Socar's fleet has expanded to 12,000 vehicles. The number of members has reached 6 million. Revenue has also been growing annually. It recorded 121.1 billion KRW in 2017, 159.4 billion KRW in 2018, and 256.6 billion KRW last year.
Last month, Socar became the first domestic mobility company to be recognized as a unicorn (a private company valued at over 1 trillion KRW) and secured an investment of 60 billion KRW from SG Private Equity (SG PE) and Songhyun Investment.
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Socar's subsidiary VCNC is preparing to officially launch the franchise taxi service "Tada Light" within the year, in addition to the chauffeur service "Tada Daeri."
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