Jeju Beer Accelerates as the First Korean Beer to List on KOSDAQ

Passed Preliminary Review for Listing on Korea Exchange
Aiming for KOSDAQ Listing within the First Half of the Year

[Asia Economy Reporter Seungjin Lee] Jeju Beer is set to become the first brewery in the beer industry to be listed on KOSDAQ.

Jeju Beer announced on the 26th that it has passed the preliminary listing review, recognized for its marketability proven through rapid growth over four years since its launch, its popularity as the first craft beer brand to enter Korea's top five convenience stores, and its innovation by introducing products rarely seen in the Korean beer market.

Jeju Beer is the first beer company in the beer industry to be listed on KOSDAQ, and it is the second beer company to be listed on the stock market overall in 12 years.

Jeju Beer officially began preparing for the listing after filing for preliminary review for KOSDAQ listing in November last year. The public offering consists of 8,362,000 shares, accounting for about 15% of the total 55,995,890 shares after listing. Daishin Securities is in charge of the underwriting.

Through the KOSDAQ listing, Jeju Beer plans to enhance corporate value and secure investment funds to accelerate growth. The raised funds will be invested in production and research and development facilities to meet increased demand and introduce innovative beer products. The company aims to achieve a cumulative lineup of about 10 types within this year, contributing to market diversity and emerging as a new 'game changer' in the Korean beer market as the first KOSDAQ-listed beer company in Korea.

Jeju Beer officially launched in August 2017 as the first Asian sister company of the global craft beer company Brooklyn Brewery. It entered the market with 'Jeju Wit Ale' and attracted significant attention with world-class beer equipment and research facilities, as well as products and marketing that leveraged Jeju Island's local characteristics. After the launch, it quickly established itself in the market by consecutively releasing 'Jeju Pelong Ale' and 'Jeju Slice.'

Last year, the company recorded its highest-ever performance. Annual sales in 2020 reached approximately 32 billion KRW, more than doubling compared to the previous year. Additionally, home channel sales increased about threefold compared to the same period, and despite the impact of COVID-19, sales in the entertainment channel rose about 1.3 times, performing well across all channels.

Jeju Beer plans to complete the expansion of its Jeju brewery within the first quarter of this year to respond to the explosively increased demand. After the expansion, Jeju Beer's annual beer production volume will reach about 20 million liters, increasing more than sixfold from the initial production volume of approximately 3 million liters within three years.

Recently, Jeju Beer has contributed to industry coexistence and development by sharing its expertise as a leading partner in establishing the Lotte Chilsung Beverage craft beer cluster, leading the industry.

Moon Hyuk-ki, CEO of Jeju Beer, stated, “Jeju Beer is a company growing by showing newness and innovative moves that did not exist in the Korean beer market,” adding, “Through the KOSDAQ listing, we will enhance corporate credibility, change the long-stagnant ecosystem of the Korean beer market, and become a market-leading game changer.”