The Mamma Selected as IPO Underwriter by Mirae Asset Securities..."Aiming for Listing Next Year"

[Asia Economy Reporter Hyunseok Yoo] TheMamma announced on the 24th that it has selected Mirae Asset Securities as the lead underwriter for its initial public offering (IPO). After about a month of preliminary due diligence, the listing underwriting contract was signed on the 17th, the day before the Chuseok holiday. The company plans to actively prepare for a KOSDAQ listing with the goal of completing the IPO in the second half of next year.

TheMamma, established in 2016, is a distribution IT company operating the neighborhood mart shopping O2O platform 'MammaMeokja' and the one-stop fresh food shopping and accommodation reservation platform 'ZA'. It provides same-day delivery services not only in the metropolitan area but also in Chungcheong Province, Daejeon, Gangwon Province, and Jeju Island. TheMamma is the first in the fresh food e-commerce industry to offer same-day delivery services in Gangwon Province and Jeju Island.

Based on its diversified business foundation, the company’s growth is accelerating every year. TheMamma operates direct management marts alongside its mobile app. Additionally, as part of expanding future growth areas, it is also engaged in retail tech research and development projects such as electronic shelf labels (ESL) and unmanned checkout counters.

Its sales in the first half of this year reached 61 billion KRW, a 127.2% increase compared to the same period last year. This amount is close to last year’s total annual sales. TheMamma’s sales surged about 17 times from 1.1 billion KRW in 2018 to 18.4 billion KRW in 2019, and then increased more than fourfold to 66.2 billion KRW in 2020.

TheMamma has set a goal to secure 100 billion KRW in Series C funding within this year. It is currently conducting a Series B- bridge round, which is the stage before moving to Series C. The tentative goal is to raise 8 billion KRW at a valuation of 150 billion KRW.

Previously, TheMamma attracted a total of 20.3 billion KRW in investments from major domestic investment institutions through seed investment and Series A to B rounds. In July last year, it was selected as a preliminary unicorn by the Small and Medium Business Corporation and received a total of 7.2 billion KRW in funding.

A representative of TheMamma said, "We will make thorough preparations for the listing by partnering with Mirae Asset Securities, whose capabilities have been proven through underwriting various corporate IPOs."