"Curly Departure" Dawn Delivery 3 Companies Open IPO Front

Kurly, the operator of Market Kurly, has opened the door for this year’s IPOs among the three dawn delivery companies by officially starting its initial public offering (IPO) process. Oasis Market and SSG.com are also concretizing preparations with the goal of going public in the second half of the year.

According to industry sources on the 29th, Kurly filed a preliminary review application with the Korea Exchange for listing on the KOSPI market the day before. The listing is expected to take place as early as the third quarter of this year. Kurly’s desired offering price ranges from 90,000 to 130,000 KRW, which would value the company at around 4 to 6 trillion KRW in market capitalization. The estimated value of CEO Kim Seul-ah’s stake after listing is expected to be in the 300 billion KRW range. Market Kurly, which launched its dawn delivery service in May 2015, achieved a total transaction volume 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 reached 1.5614 trillion KRW, a 64% increase from the previous year. However, losses continue. The company recorded an operating loss of 217.7 billion KRW last year. The company emphasized that “pre-investments in logistics infrastructure and workforce expansion, including developers, are the main reasons.”

Following Kurly, e-commerce companies will continue to knock on the domestic stock market this year. Oasis Market highlights its strength as a dawn delivery company maintaining profitable operations. Last year, Oasis Market’s revenue reached 357 billion KRW, the highest performance since its founding in 2011. Operating profit was 5.7 billion KRW. Although this is a 41% decrease compared to 9.7 billion KRW in 2020, the company explained that it is due to new store openings and logistics facility expansions, and that it continues to maintain profitability. Recently, it was recognized with a corporate valuation of 1.02 trillion KRW.

SSG.com is also preparing for an IPO this year. Its valuation is expected to reach the 10 trillion KRW level upon listing. SSG.com plans to invest more than 1 trillion KRW in logistics center infrastructure, including securing more than 70 large-scale PP (Picking & Packing) centers nationwide by 2025, capable of handling over 3,000 online orders per day. The company signed a business agreement with Busan City yesterday to build a smart logistics center and has begun full-scale construction of a nationwide logistics network.

However, with the market sentiment weakening this year, it is uncertain whether their corporate valuations will be properly assessed. Accordingly, all three companies plan to coordinate the timing of their listings.

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