[Asia Economy Reporter Kim Bo-kyung] Agtech startup 'N.Thing,' preparing for an initial public offering (IPO), has selected Samsung Securities as the lead underwriter and taken the first step toward listing on KOSDAQ. The expected listing timeline is projected for 2024.
According to industry sources on the 5th, N.Thing chose Samsung Securities as the lead underwriter after multiple preliminary consultations and presentations (PT).
Although it typically takes at least six months from selecting the underwriter to filing the IPO application, the IPO market is expected to remain sluggish for the time being, so the practical anticipated listing date is seen as 2024.
N.Thing is promoting the production and supply of fresh and stable food using its proprietary vertical farm cube (CUBE) and farm management program, CUBE OS technology.
Starting with the 'Icheon Farm,' a decentralized agriculture model that began operation in April, the company has signaled a positive outlook for agricultural product supply by supplying over 100 tons of leafy vegetables annually to major domestic distributors. It has also signed a contract to supply farms and farm operation solutions in Abu Dhabi, United Arab Emirates (UAE), and is progressing with the construction of the main farm there.
Since its establishment in 2014, the company has accumulated investments totaling 32 billion KRW over nine years. Currently, it is attracting pre-IPO equity investments from major corporations in the food and distribution sectors. Ahead of the listing, numerous investment negotiations, including with financial investors (FI), are underway.
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