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SKT Investment to list all subsidiaries on Kospi New investment firm to benefit from easing of rules

Translated by Kim So-in 공개 2021-06-15 08:18:28

이 기사는 2021년 06월 15일 08:14 더벨 유료페이지에 표출된 기사입니다.

SK Telecom will list all subsidiaries of its new investment company, tentatively named SKT Investment, on the nation’s main bourse Kospi.

The company is preparing to list its subsidiaries including ONE Store, ADT Caps, and Content Wavve on the Kospi, industry sources said Thursday. T Map Mobility and 11st will also likely to be listed on the Kospi instead of junior bourse Kosdaq.

Subsidiaries of SK Telecom’s investment company were expected to be listed on the Kosdaq as it allows a loss-making company to be listed. Content Wavve, T Map Mobility, and 11st record operating losses while ONE Store posted an operating profit last year and ADT Caps has stably generated a profit.

The Korea Exchange recently eased rules for listings, making loss-making companies raise funds through initial public offering (IPO) if its market capitalization surpasses 1 trillion won ($895 million).

SKT Investment has gained an additional option for its IPO plan as many of its subsidiaries have market capitalization of more than 1 trillion won.

Content Wavve, which will be listed after ADT Caps, issued convertible bonds worth 200 billion won in November 2019 at a valuation of 1.2 trillion won. T Map Mobility has an enterprise value of 1 trillion won. 11st was valued at 2.7 trillion when it raised 500 billion won from Nile Holdings in September 2018.

Given that over-the-top, mobility, and commerce companies will have to play a game of chicken, Content Wavve, T Map Mobility, and 11st will be able to raise funds and actively make investments thanks to the deregulation.

The market capitalization of SKT Investment is estimated to be around 9 trillion won after fully reflecting the values of its subsidiaries.

“We plan to list all subsidiaries on the Kospi,” said an official at SK Telecom, adding, “We are not considering the Kosdaq at all.” (Reporting by Pil-woo Choi)
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