WhyNot Media, Begins IPO Process... Initiates Selection of Underwriters

NH Securities, Mirae Asset Securities, Yuanta Securities, Shinhan Securities, and Others Selected for Shortlist

[Asia Economy Reporter Kim Heeyoon] Comprehensive entertainment content studio company Why Not Media has begun the process of selecting an underwriter for its stock market listing.

Why Not Media recently finalized the shortlist of qualified preliminary candidates to participate in the listing bid competition. Four days after the Request for Proposal (RFP) submission deadline on the 30th, preparations were completed to hear each candidate's listing strategy.

The shortlist includes major domestic IPO houses such as NH Investment & Securities, Mirae Asset Securities, Yuanta Securities, and Shinhan Financial Investment, indicating fierce competition until the final selection. The underwriter candidates will participate in presentations (PT) held on the 6th and 7th to explain their respective listing strategies. The team preparing this deal is reportedly conducting final checks before the PT participation.

Why Not Media plans to gather the proposed public offering structures and corporate valuations presented during the PTs to select the party offering the optimal strategy. The underwriter is expected to be finalized by early next month at the latest. The core of the listing strategy proposal is likely to be future growth potential aligned with the evolving content market situation. In fact, most candidates preparing for the PT are known to plan listing strategies that consider the direction of the content industry.

Selection of peer groups and presentation of an objective public offering structure are also expected to be important evaluation criteria. An industry insider explained, “Since investment sentiment has frozen after the interest rate hike, it may be advantageous to present objective value plainly and explain measures to maintain an appropriate stock price.”

Why Not Media was established in 2016 by CEO Lee Minseok, a former broadcast PD, as a content company and has established itself as a new media specialist producing new content suited for mobile and OTT viewing environments. Recently, it acquired subsidiaries Oz Arena and The Great Show, which house producers and writers recognized for their production capabilities in the industry through works such as ‘Mystic’, ‘Navillera’, ‘Crazy X in This Area’, and ‘No Goo Pil-soo’. Subsequently, it expanded its business area by acquiring shares in Name X Entertainment, a character and animation IP studio founded by core members of BTS TinyTAN.