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Treasure Hunter seeks $168 mil valuation in IPO next year Korea’s first ‘multi-channel network’ aims to go public on Kosdaq in first quarter of 2022

Translated by Ryu Ho-joung 공개 2021-11-29 08:07:38

이 기사는 2021년 11월 29일 08:05 더벨 유료페이지에 표출된 기사입니다.

Treasure Hunter is seeking a market valuation of as high as 200 billion won ($167.6 million) in its planned initial public offering, according to its filing with the Korea Exchange’s Kosdaq market division.

The South Korean digital media company aims to list its shares in the first quarter of 2022, with Daishin Securities as its lead underwriter.

Treasure Hunter and Daishin Securities plan to offer 1.25 million new shares, which would bring the total number of shares to be listed to 8,708,890 after accounting for the current number of issued shares. At the 200 billion won valuation, the upper end of the company’s price range would be about 23,000 won per share.

Treasure Hunter’s last private market valuation was 130 billion won in early November when the company raised capital from Industrial Bank of Korea, Yuanta Investment, SBI Investment Korea and Cornerstone Investment.

“The 200 billion won valuation is quite possible if investors think the company’s business model is attractive,” an industry insider said. “Treasure Hunter’s management appears to expect it will be valued at least 150 billion won in the IPO.”

Treasure Hunter is the country’s first multi-channel network – a company that affiliates with multiple channels and content creators to offer assistance in various areas, and aggregates and distributes online content. Treasure Hunter works with many star YouTubers with more than one million subscribers in South Korea.

Treasure Hunter has stepping up efforts to expand its business to include metaverse, blockchain and artificial intelligence. It is also exploring a new business model that links the company’s original content with commerce.

Treasure Hunter has not reached profitability yet, so it will go public on the Kosdaq by using an exception in the country’s listing rules for startups with innovative business models. It has become eligible for this exception after receiving an "A" rating in business model evaluations from two ratings agencies in the first half of this year. (Reporting by Chul Kang)
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