Market Kurly Files Preliminary Listing Review... Begins Full-Scale Preparation for KOSPI Entry

[Asia Economy Reporter Yuri Kim] Market Kurly's operator, Kurly, has applied for preliminary review for listing with the Korea Exchange and has officially entered the initial public offering (IPO) process.

According to industry sources on the 28th, Kurly submitted the listing preliminary review request to the Korea Exchange's KOSPI Market Headquarters in the afternoon. Kurly selected its lead underwriter at the end of October last year and has been preparing for listing on the domestic stock market. Although it initially planned to request the preliminary review earlier this year, the schedule was delayed due to prolonged consultations with the exchange regarding CEO Kim Seul-ah's shareholding ratio and related matters.

The exchange recommended securing more than 20% of friendly shares since CEO Kim Seul-ah's stake is relatively low at around 6.67%. It is known that CEO Kim has negotiated with major investors on joint voting rights to stabilize management control and a two-year lock-up period. CEO Kim's shares will not be sold for three years after listing.

Market Kurly's sales last year are estimated at 1.5614 trillion KRW, a 64% increase compared to the previous year, and transaction volume increased by 49% to 2 trillion KRW. The increase in transaction volume was driven by the operation of the Gimpo logistics center and the expansion of morning star delivery in the central region. However, due to investments in logistics infrastructure and workforce expansion, an operating loss of 217.7 billion KRW was recorded.

The preliminary review usually takes about two months, and considering subsequent schedules, the listing is expected to take place in July or August. Kurly's desired public offering price is reported to be between 90,000 and 130,000 KRW. Based on this, the market capitalization would be around 4 to 6 trillion KRW.

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