Curly Requests Preliminary Listing Review "Reviewing Market Conditions... Will Go Public at Optimal Timing" (Comprehensive)

Submission of Preliminary Listing Review Application to Korea Exchange KOSPI Market on 28th
High Growth with Last Year's Trading Volume of 2 Trillion KRW and 10 Million Cumulative Registered Customers
"Will Closely Consult with Shareholders, Underwriters, and Exchange on Listing Timing"

[Asia Economy Reporter Yuri Kim] Curly, the operator of Market Kurly, announced on the 28th that it has submitted an application for preliminary review for listing to the Korea Exchange's KOSPI market, officially starting the initial public offering (IPO) process.

Market Kurly launched its dawn delivery service in May 2015. If customers order products before 11 PM, they are delivered to their doorstep by 7 AM the next day through the 'Saetbyeol Delivery' service, maintaining a leading position in the industry despite the emergence of latecomers.

Market Kurly achieved a total transaction amount of 2 trillion KRW last year, marking a 65% growth compared to the previous year. The number of registered customers also increased by 43%, surpassing 10 million. Last year's revenue rose 64% year-on-year to 1.5614 trillion KRW, while operating losses amounted to 217.7 billion KRW. The losses were attributed to investments in logistics infrastructure and workforce expansion.

The company emphasized, "We made upfront investments in expanding logistics facilities, hiring a large number of developers, and strengthening data capabilities." By adding the Gimpo logistics center in March last year, order processing capacity was increased by 2.3 times, and the Saetbyeol Delivery service area expanded from the metropolitan area to Chungcheong, Daegu, Busan, and Ulsan. The IT workforce also grew from 100 to over 200, accounting for 20% of all office employees. The company noted, "It is also noteworthy that contribution profit, considered a leading indicator of turning operating profit positive, has been in the black for three consecutive years."

Meanwhile, Curly has selected NH Investment & Securities, Korea Investment & Securities, and JP Morgan as lead underwriters and is pushing for the first e-commerce listing in Korea. Although the preliminary review application was initially planned for early 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% friendly shares since CEO Kim's stake is about 6.67%. It is reported that CEO Kim has negotiated with major investors on joint voting rights for management stability and a two-year lock-up period. CEO Kim's shares will not be sold for three years after listing.

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

Kim Jong-hoon, Curly's Chief Financial Officer (CFO), said, "The preliminary review application is the first step toward listing. We plan to proceed with the listing at the optimal time after comprehensively reviewing market conditions, and we will closely coordinate with shareholders, underwriters, and the exchange for this."

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