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SSG.com to speed up IPO amid rivals' logistics push Online platform prepares to issue RFP

Translated by Kim So-in 공개 2021-08-12 08:10:51

이 기사는 2021년 08월 12일 08:05 더벨 유료페이지에 표출된 기사입니다.

Emart’s online platform SSG.com is seeking to go public next year, ahead of its original timeline of 2023.

SSG.com is preparing to issue a request for proposal to brokerage firms in a move to select its underwriter, industry sources said on Tuesday. SSG.com vowed to go public by 2023 when it raised funds from private equity firms in 2018.

Industry watchers said recent moves by SSG.com’s ecommerce rivals have had an impact on the company’s decision. Coupang, Naver, CJ CheilJedang, GS Retail, Kurly, and Oasis have raised funds from outside investors and through initial public offerings (IPO) to build out their infrastructure this year.

Coupang, which successfully listed its shares on the New York Stock Exchange earlier this year, plans to invest 50% of the proceeds from the IPO in expanding new logistics infrastructure.

Coupang is said to have already put more than 1 trillion won to build its new logistics centers so far this year.

Naver has teamed up with CJ Logistics as part of its efforts to cut down the delivery process time. Naver already provides fulfillment services in Gonjiam and Gunpo, Gyeonggi Province, through CJ Logistics. Another center with a cold chain system is set to open in Yongin, also in Gyeonggi Province, at the end of this month.

GS Retail, which merged with GS HomeShopping, plans to invest 1 trillion won in logistics and ecommerce platform over the next five years.

Kurly, which will go public at home, recently introduced its overnight delivery service in the central Chungcheong provinces and Daegu and will expand it to major cities including Gwangju, Ulsan and Busan within this year.

Emart, which is the pioneer in the domestic ecommerce industry, has lost its presence while Naver and Coupang are leading the way. Emart’s effort to expand its logistics infrastructure stopped since 2019.

SSG.com recorded gross merchandise value of 4 trillion won in 2020, up 37% year-on-year. However, the market is still dominated by ecommerce giants like Naver and Coupang, which have gross merchandise value of more than 20 trillion won.

The gap is likely to widen this year as Coupang and Naver plan to ramp up their logistics push using the IPO proceeds and ample liquidity, respectively. On the contrary, Emart is in need of funds after it acquired eBay Korea earlier this year and took over an additional stake in Starbucks Coffee Korea to take full control of the coffee chain.

SSG.com is expected to be valued as high as 10 trillion won in its planned IPO. Coupang’s market capitalization hit 100 trillion won after its IPO. (Reporting by Hyo-jeom Jun)
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