SK Holdings to get bumper returns from foreign startup investments Grab’s IPO likely to more than double value of Korean firm’s stake in ride-hailing platform
Translated by Ryu Ho-joung 공개 2021-04-19 08:02:04
이 기사는 2021년 04월 19일 07:54 thebell 에 표출된 기사입니다.
SK Holdings, the holding company of South Korea’s SK Group, is expected to get a high return from its investment in Grab as the Singapore-based ride-hailing platform is about to go public on the Nasdaq via a merger with a special purpose acquisition company (SPAC).SK Holdings invested $230 million to buy a minority stake in Grab in 2018. The proposed merger values the ride-hailing company at $39.6 billion in what would be the largest SPAC transaction ever. The listing would increase the value of the Seoul-based company’ stake in Grab to about 590 billion won ($529 million), 2.3 times invested capital.
Otonomo, in which SK Holdings invested 12 billion won in 2018, is also preparing for an initial public offering (IPO) on the Nasdaq. The Israeli connected-car data startup is reportedly seeking a valuation of 1.55 trillion won. If that happens, the value of its stake in Otonomo would more than double, SK Holdings said.
SK Holdings also invested in Turo in 2017, buying a 3.86% stake for 39.6 billion won. The San Francisco-based car-sharing company is planning to pursue an IPO in 2021.
IAC is one of the major investors in Turo. In 2019, the car-sharing company raised $250 million from the U.S. media giant in a deal that made it a unicorn at a valuation of more than $1 billion. IAC’s investment accounted for nearly half of the total funds raised by Turo to date.
Founded in 2010, Turo provides peer-to-peer car-sharing services, being dubbed the Airbnb of car rentals. It currently is in 5,500 cities around the world with more than 14 million members. Turo says that owners who list their car can make an average of $706 in monthly income.
Turo has reportedly continued to grow in revenue, although it does not disclose its financial results publicly. The company is believed to have recorded the highest revenue ever in 2020, according to a report from Bloomberg.
“Frankly this couldn’t come at a better time,” Andre Haddad, chief executive of Turo, said in an interview with Bloomberg Television. “Subway ridership is down, ride-sharing is down. Many consumers want the safety of a private space of a car.”
Haddad forecast in an interview with The Wall Street Journal earlier this year that the company would turn profitable on an earnings before interest and tax basis in 2022. (Reporting by Euna Jo)
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