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E-commerce grocer Market Kurly seeking domestic IPO

All News 14:00 October 29, 2021

SEOUL, Oct. 29 (Yonhap) -- South Korean online grocery delivery platform Market Kurly said Friday it aims to go public in the domestic market in 2022 as part of efforts to help hone its competitiveness.

Market Kurly said it has picked NH Investment and two other brokerage houses as co-lead managers for its initial public offering (IPO) slated for the first half of next year.

The company, however, failed to disclose the specific date for its stock market debut.

Market Kurly had originally pushed to debut on the U.S. equity market but changed its plan as South Korean authorities eased listing requirements to lure companies with great growth potential.

The corporate logo of Market Kurly (PHOTO NOT FOR SALE) (Yonhap)

The corporate logo of Market Kurly (PHOTO NOT FOR SALE) (Yonhap)

In March this year, the Korea Exchange allowed companies with an expected market value of 1 trillion won (US$855 million) or more to get listed on the domestic market even if they failed to meet other financial requirements.

The rule change came as e-commerce giant Coupang Inc. and other unicorns, or unlisted startups with a valuation of more than 1 trillion won, sought to win listings on the U.S. stock market.

Market Kurly said the proceeds from the envisioned IPO will be used on improving its infrastructure and hiring workers.

Market Kurly forecast the value of transactions via its platform to reach nearly 2 trillion won for all of this year.

South Korean e-commerce companies are pushing to get listed on the domestic stock market as they dial up efforts to grow further.

SSG.com, the online mall arm of South Korean retail giant Shinsegae Group, and its rival Oasis Market have already chosen IPO lead managers, with another industry player, 11Street, likely to seek an IPO between 2022-23.

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