Bflysoft, the only media big data platform company in Korea, will enter the KOSDAQ market in June 2022.
Bflysoft focuses on subscription-based service platform business based on Korea's largest media big data, analysis technology, and AI WIGO technology. Its main businesses are the media big data monitoring platform ‘iSurfer’, the media big data analysis platform ‘Wigomon’, and the personalized media open platform ‘Roseus’, all of which aim for subscription service models.
Also, ‘iSurfer’ and ‘Wigomon’ are cloud services available for internal and external use through media big data monitoring and analysis, securing over 1,500 major companies and public institutions as customers, including Hyundai Motor Company, the Constitutional Court, and the Supreme Prosecutors' Office, achieving stable sales through continuous customer growth.
‘Roseus’, launched in September last year after more than three years of development, is a user-centered personalized news media open platform that anyone can use for free. It offers personalized services by applying WIGO AI and big data technology to hundreds of thousands of news articles pouring out daily from vast media sources.
Based on these advantages, the platform showed explosive user growth, surpassing 4 million monthly unique visitors in April this year, just seven months after its launch.
Bflysoft’s sales in the first quarter of 2022 increased by 10% year-on-year to 3.7 billion KRW, and subscription service sales have already secured 15.6 billion KRW as of the end of April, with sales expected to increase further.
In addition, the company is also achieving results in government projects related to natural language processing-based AI technology and data processing and construction. This year, participation in various government projects totaling 13.5 billion KRW has been confirmed, aiming to advance services and strengthen platforms through related technology development and data utilization.
A Bflysoft official said, “Despite continuous R&D investment, we expect to turn a profit this year due to the stable increase in subscription sales,” adding, “Considering the rapid growth of Roseus, which is showing a significant increase in users and page views, we are confident that sales and profit growth will become more pronounced from next year.”
Bflysoft’s projected sales for 2024 are 40.6 billion KRW, operating profit 14.8 billion KRW, and net profit 11.5 billion KRW. Based on these expected results, the company’s desired IPO price band is 16,500 to 19,000 KRW per share, with an expected market capitalization of 105.5 billion to 121.5 billion KRW.
The company announced it will offer a total of 1 million shares in this IPO, with a size of 16.5 to 19 billion KRW. The proceeds will be used for R&D for subscription service development and marketing of the Roseus platform. Institutional demand forecasting for pricing will be held on June 2-3, and the general subscription will take place on June 9-10. The lead underwriter is IBK Investment & Securities.
Meanwhile, overseas, ByteDance, a Chinese company providing the recently spotlighted SNS platform TikTok, grew its corporate value more than tenfold within a year through a news platform similar to ‘Roseus’ called ‘Jinri Toutiao’ even before TikTok’s success. It recently surpassed annual sales of 2 trillion KRW and a market capitalization of 30 trillion KRW, marking a successful path. Attention is focused on whether Bflysoft can succeed as a listed company and a specialized news platform.
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