CNT Tech to Take First Step Toward AC Listing... Preliminary Review Application Planned for End of Next Month

As CNT Tech plans to submit a preliminary application for listing at the end of next month, attention is focused on whether it could become a new alternative for the accelerator (AC) ecosystem, which is currently lacking in capital strength.

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According to the AC industry on April 21, CNT Tech is expected to submit its preliminary listing review application to the Korea Exchange on May 28. It has been two years since the company voluntarily withdrew its previous application, citing insufficient recognition of its AC achievements. Founded in 2003, CNT Tech began as a restaurant order brokerage platform service provider and expanded into the AC business in 2012. Reportedly, CEO Chun Hwa-Sung and his team are actively preparing for the process.

To highlight its achievements as an AC, CNT Tech has chosen to convert its existing food tech business into a venture studio (an in-house investment firm that establishes and nurtures startups). This decision followed the revision of the Enforcement Decree of the Act on Promotion of Venture Investments in August 2023. Previously, the decree limited ACs to having subsidiaries or invested companies that were early-stage startups directly selected or incubated by the AC itself, but with this restriction removed, the scope has broadened.

CNT Tech’s revenue streams consist of software platforms (food tech), AC operations, and other services, with the software platform accounting for approximately 31.60% of total sales. Revenue from the software platform is now classified as venture studio revenue, which is expected to reinforce CNT Tech’s position as an AC.

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Sales totaled 28.1 billion won in 2023, 27.9 billion won in 2024, and 31.2 billion won in 2025. Operating profit for each year was 5.3 billion won, 3.1 billion won, and 6.5 billion won, respectively.

CNT Tech’s listing plan is drawing attention from the AC industry, as it could become an alternative for ACs with low equity capital ratios (equity capital divided by total assets). According to the Science and Technology Policy Institute (STEPI), as of June 2024, there were 463 domestic ACs, with the average capital at about 2 billion won and approximately 34% in a state of capital impairment. Strengthening the capital base of ACs would also have a positive impact on startups in need of follow-on investment.

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If the first AC listing succeeds, there is a possibility that other ACs may move forward with initial public offerings (IPOs) as well. Since some ACs have temporarily suspended their IPO plans, IPOs have been a major topic of interest within the industry. Bluepoint Partners attempted to go public twice, in 2020 and 2023, but withdrew both times. In particular, in 2023, after passing the preliminary review and ahead of demand forecasting, the Financial Supervisory Service requested direct corrections, making it difficult to meet the targeted timeline and resulting in a postponement. FuturePlay also began selecting underwriters for its IPO in 2021, but the process stalled. However, it is currently known that FuturePlay has no IPO plans.

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