[Alpha Biz= Reporter Kim Jisun] It was reported on the 7th (local time) that Yanolja is planning to pursue an initial public offering (IPO) on the NASDAQ market in the United States as early as next month, aiming to raise $400 million (approximately 5.473 trillion Korean won). The company is reportedly seeking a valuation of $7 billion to $9 billion (approximately 9.58 trillion to 12.32 trillion Korean won). Goldman Sachs and Morgan Stanley are said to be the lead underwriters for the listing.
According to financial regulators, Yanolja recorded a consolidated revenue of 766.7 billion Korean won and an operating profit of 1.6 billion Korean won last year. While its revenue reached an all-time high, its operating profit has been on a downward trend since 2021, after successfully turning a profit in 2019.
Yanolja is positioning its cloud business as a future growth driver. The cloud business achieved a revenue of 177.3 billion Korean won last year, marking an increase of over 60% compared to the previous year, and also turned a profit with an operating profit of 8.3 billion Korean won.
Based on these performance indicators, Yanolja is reported to have communicated its plans for a U.S. market IPO to investors. At the end of last year, the company showed its intention for listing by hiring Alexander Ibrahim, a former New York Stock Exchange (NYSE) executive, as its CFO. In February, it established a wholly-owned subsidiary in Delaware, USA, and in March, it opened its 50th overseas office, Yanolja US Office, in Manhattan, New York.
Currently, Yanolja's largest shareholder is SoftBank Vision Fund 2 (SVF II CRYSTAL SUBCO (SINGAPORE) PTE. LTD.), which holds a 24.9% stake. SoftBank invested approximately 2 trillion Korean won in 2021 and injected 1.1 trillion Korean won in new funds, while acquiring existing shares held by previous investors for around 900 billion Korean won. The company was valued at approximately 10 trillion Korean won at the time of SoftBank's investment in Yanolja.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
