Naver Financial to Pursue Listing... Naver and Dunamu to Form IPO Committee Within One Year

Pursuing Listing After Completion of Comprehensive Stock Swap

Naver has decided to pursue an initial public offering (IPO) of Naver Financial following a stock swap with Dunamu, the company that operates the virtual asset exchange Upbit.

Lee Hae-jin, Chairman of the Board of Directors at Naver, is speaking at a joint press conference held by Naver, Naver Financial, and Dunamu on November 27 last year at Naver 1784 in Seongnam, Gyeonggi Province. Photo by Yonhap News

On April 15, Naver issued a revised comprehensive stock swap disclosure, announcing that it plans to establish an IPO committee within one year after completing the stock swap with Dunamu and to promote the listing of Naver Financial within five years from the completion date.

However, the company stated that if the listing is not completed within five years, the period may be extended by up to two years.

Both Naver and Dunamu have not yet finalized whether to proceed with the IPO, the timeline, or implementation plans, and have agreed to make an additional disclosure in the future when relevant matters are determined.

Additionally, Naver explained that it plans to secure voting rights in Naver Financial through an investor agreement, and that Naver Financial will continue to be maintained as a consolidated subsidiary as it is now.

A Naver official stated, "We made this disclosure to enhance investor protection and improve market predictability," adding, "However, listing within five years and the possible two-year extension are not mandatory requirements."

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