[IPO] Ice Cream Media "Owner Family's Stake, Cannot Confirm Sale Status After 6 Months"

Heo Joo-hwan, CEO of Ice Cream Media.

"The six-month lock-up period for the shares held by Chairman Park Gi-seok's family was agreed upon at the request of the Korea Exchange, and whether the family will sell their shares after six months is something the company's management cannot predict."

AI and edutech company Icecream Media made this statement at a press conference held on the 1st in Yeouido, Seoul.

In the market, there has been an overhang (potential waiting supply) issue raised because while Sigong Tech, the largest shareholder of Icecream Media, imposed a lock-up period of one year and six months after listing, Chairman Park Gi-seok's family only agreed to a six-month lock-up period.

In particular, concerns have intensified as there was a precedent five years ago when the affiliate Icecream Edu went public, and Chairman Park's family continuously sold shares after the lock-up period ended. It is known that the owner family cashed out 29 billion KRW by selling Icecream Edu shares and used that money to purchase shares of Sigong Tech, the apex of the corporate governance structure.

Icecream Media, established in 2002 after separating from Sigong Tech, is a digital education platform company that has grown by focusing on the public education market rather than the private education market. Its core products and services include ▲ Icecream Textbooks ▲ Icecream Mall ▲ Icecream S ▲ Online Teacher Training Center ▲ High Class ▲ EduBank AI, among others.

Last year, sales grew by 18.16% year-on-year to 123.1 billion KRW, operating profit increased by 11.35% to 34 billion KRW, and the operating profit margin was recorded at 27.6%.

Icecream Media is confident that with the expansion of published textbook subjects in the textbook business division from three to eight subjects starting this year, it will show high growth rates for several years to come. They also explained that they hold a clear growth momentum by securing technological superiority with the AI digital textbooks to be introduced from 2025.

Additionally, while expanding their domestic business scope from the existing elementary education market to middle school, early childhood, and childcare education markets, they plan to implement a global market entry strategy by establishing partnerships with leading edutech companies in Southeast Asia, the Middle East, the United States, and Europe.

Heo Joo-hwan, CEO of Icecream Media, said, "In the AI era, Icecream Media has strategically introduced AI into edutech technology ahead of others and developed it. We have secured clear technological superiority in the AI digital textbook market to be introduced next year, so we expect another leap in growth." He added, "Through the KOSDAQ listing, we will enhance corporate awareness and credibility and become a competitive AI edutech specialized company in the global market beyond Korea."

Meanwhile, Icecream Media will raise a total of 2.46 million new shares in this IPO. The expected public offering price range per share is 32,000 KRW to 40,200 KRW, with the anticipated amount to be raised between 78.7 billion KRW and 98.9 billion KRW. The proceeds will mainly be used for research and development funds for the company's mid- to long-term growth, including ▲ advancement of generative AI technology and AI digital textbooks ▲ AI educational content ▲ certified textbooks ▲ global business expansion.

The public offering price will be finalized through demand forecasting over five business days from the 9th to the 16th, and the general subscription will take place on the 21st and 22nd. The company is scheduled to be listed on the KOSDAQ market at the end of August, with Samsung Securities serving as the lead underwriter.

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