[Featured Stock] Genie Music Rises Over 10% on News of Millie's Library IPO 추진

[Asia Economy Reporter Lee Myunghwan] Genie Music is showing strong performance in the early trading session on the 30th. This is interpreted as being influenced by the news that Millie's Library, an e-book subscription platform in which the company is the largest shareholder, is planning to list on the KOSDAQ market.

As of 9:55 AM today, Genie Music is trading at 5,390 KRW, up 10.68% (520 KRW) from the previous trading day.

Millie's Library, established in 2016, is a monthly subscription e-book service platform that recorded sales of 28.9 billion KRW and a net loss of 34.8 billion KRW last year.

On the 27th, Millie's Library filed a preliminary review application with the Korea Exchange for KOSDAQ listing and has begun the initial public offering (IPO) process. The lead underwriter is Mirae Asset Securities.

In September last year, Genie Music acquired a 38.6% stake in Millie's Library for 46.4 billion KRW, becoming the largest shareholder.