In the second half of this year, Curly and Golfzon County, both of which are considered to be major IPOs worth trillions of won, passed the preliminary examination for listing on the Korea Exchange.
The Korea Exchange announced on the 22nd that Curly and Golfzon County were confirmed as eligible for listing in a preliminary examination on the stock market.
Curly, established in December 2014, is a company that started early morning delivery in Korea under the name of ‘Saetbyeol Delivery’ in May 2015 through Market Kurly.
On a separate basis last year, it recorded 1.558 trillion won in sales and 213.9 billion won in operating loss.
The net loss was 1,276.6 billion won.
Curley applied for a preliminary review for listing at the end of March, but the review process suffered due to the problem of unstable equity structure in addition to the chronic deficit.
Curly is known to have submitted to the exchange a statement of obligation to hold shares of financial investors (FIs) and the performance and financial status of the first half of this year.
Golfzon County is a golf course operating company established in January 2018.
On a separate basis last year, it recorded 191.8 billion won in sales and 52.2 billion won in operating profit.
Although these companies have crossed the first hurdle for listing with the approval of preliminary examination, considerable pain is expected in the process of calculating the ransom until the final listing.
Companies such as Hyundai Oilbank, SK Shielders, One Store, and Taerim Paper canceled their public offerings as investor sentiment in the IPO market contracted due to the sluggish stock market this year.
Socar, which was listed on the same day, pushed for listing by lowering the IPO price despite the failure of demand forecasting and general subscription, but showed sluggish performance as it closed at a price that was 6% less than the IPO price on the first day of trading.
Socar confirmed the IPO price at 28,000 won, which is less than the lower end of the initially hoped range (34,000 to 45,000 won), as the competition ratio for institutional demand forecasting was only 56.07 to 1 due to the controversy over the overvaluation of the public offering price.
The competition rate for general subscription was only 14.4 to 1.
As of the closing price of the day, Socar’s market capitalization was 860.7 billion won, failing to enter the ‘1 trillion club’.
Curly attracted a pre-IPO investment (equity investment before listing) last year and was evaluated at 4 trillion won, but its valuation recently dropped to less than 2 trillion won.
Golfzon County’s enterprise value is said to be 2 trillion won.
/yunhap news