CJ Olive Young Prepares for IPO... Possible Stock Market Entry as Early as First Half of Next Year
CJ Olive Young Sends RFPs to Major Securities Firms... IPO Preparation in Full Swing
Expected to Enter the Stock Market as Early as the First Half of Next Year... Industry Values Company Around 3 Trillion KRW
[Asia Economy Reporter Yuri Kim] CJ Olive Young has officially launched its initial public offering (IPO) schedule. It is expected to enter the stock market as early as the first half of next year. The industry estimates CJ Olive Young's valuation to exceed 3 trillion KRW.
According to investment banking (IB) and retail industry sources on the 1st, CJ Olive Young sent requests for proposals (RFPs) containing its listing plans to major domestic and international securities firms. It plans to receive proposals by the 21st and select an underwriting firm as early as the end of this month. The stock market debut is expected to take place as early as the first half of next year.
CJ Olive Young was established in 2019 through a spin-off of the Health & Beauty division of CJ Olive Networks. The company focuses on the sale of health and beauty-related products. Currently, it operates about 1,200 stores domestically and posted sales of 1.8738 trillion KRW and an operating profit of 100.1 billion KRW last year.
In March, CJ Olive Young received an investment of 414.1 billion KRW from Glenwood Private Equity (PE), a private equity fund (PEF) manager. Based on the transaction price at that time (169,560 KRW per share), the total value of CJ Olive Young's 100% stake was 1.836 trillion KRW. However, with recent significant improvements in performance, the valuation is expected to rise further.
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There are also expectations that CJ Olive Young's IPO could lead to succession within the CJ Group. Lee Sun-ho, head of CJ CheilJedang and son of CJ Group Chairman Lee Jae-hyun, and Lee Kyung-hoo, vice president of CJ ENM, hold 11.09% and 4.26% stakes in CJ Olive Young, respectively. If they sell their shares, they could secure more than 300 billion KRW.
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