Kurly, a South Korea-based on-line grocery startup that gives next-day supply providers throughout the nation, will go public by June subsequent yr.
The startup, which declined to touch upon how a lot it plans to lift by way of IPO, mentioned it estimates the corporate valuation at roughly $5.9 billion after it goes public.
The announcement comes after its $200 million Collection F at a $2.2 billion valuation in July.
A spokesperson at Kurly mentioned the IPO is more likely to be in June after it information an IPO software as early as December and expects to get approval in February by South Korean monetary authorities.
Kurly has reviewed its itemizing within the U.S. however modified the plan to a Korean IPO. The corporate, which is able to proceed to give attention to its enterprise within the dwelling market, doesn’t have an abroad enlargement plan, and that’s one of many the reason why Kurly will listing in South Korea, the spokesperson at Kurly advised FiratNews.
South Korean authorities have eased IPO necessities for Korea-based startups to draw them to get listed on the home bourse after Korean e-commerce firm Coupang was listed on the New York Inventory Alternate early this yr.
The Korea Alternate introduced in March it’ll enable corporations with an anticipated market capitalization of $855 million (1 trillion WON) or extra to get listed even when they don’t meet monetary necessities.
Kurly was based in 2015 by Sophie Kim, a former funding banker turned entrepreneur.
The Seoul-based on-line grocery firm mentioned its IPO proceeds can be used to advance its analysis and growth, improve its order course of and enhance its cost system. It additionally plans to develop its headcount.
The corporate claims that it has now about 9 million customers. It posted $853 million (1trillion WON) transactions in 2020 and goals to generate $1.7 billion of transactions by the tip of this yr, in response to the spokesperson.
Competitors within the on-line grocery supply business has been heating up, spurred by the pandemic. Kurly’s home opponents, together with SSG.com, an e-commerce platform arm owned by Korean Shinsegae Group and Oasis Market, which lately closed fundraising, are additionally set to go public in 2022.