[Asia Economy Reporter Jang Hyowon] Tech edge accelerator Bluepoint Partners submitted a securities registration statement on the 28th, officially beginning the process of listing on KOSDAQ as the first accelerator to do so.
Founded in 2014, Bluepoint is an accelerator (AC) that specializes in investing in early-stage startups. It continues steady growth with a business model that discovers and nurtures promising companies from the early stages, pursuing high returns with relatively small investments.
Bluepoint has invested in a total of 262 startups (as of Q3 2022) across various tech edge fields. Among them, medical sterilizer manufacturer Plasmapp and drug delivery platform developer Inventage Lab completed their listings on the KOSDAQ market this year, and currently about 10 more companies are selecting underwriters and pursuing initial public offerings (IPOs).
Other representative portfolio companies include Perigee Aerospace, a developer of ultra-small space launch vehicles; Tomocube, a developer of 3D microscopes for intracellular and extracellular observation; S2W, a cybersecurity firm specializing in dark web-centered data analysis; and Starstech, an eco-friendly deicing agent manufacturer using starfish.
The company aims for stable and continuous profit expansion by establishing a virtuous cycle investment model of ‘investment-recovery-reinvestment.’ When invested companies reach follow-up investment stages such as Series A, Series B, or pre-IPO, Bluepoint secures cash liquidity and minimizes risk through a ‘Milestone Exit’ strategy, gradually recovering part of the investment. In fact, Bluepoint Partners has maintained solid performance without recording a single loss since its founding.
Bluepoint’s Q3 performance this year recorded operating revenue of 25.17 billion KRW and operating profit of 12.42 billion KRW. The full-year 2021 performance showed operating revenue of 38.53 billion KRW and operating profit of 24.17 billion KRW, continuing stable profit generation.
The company plans to use the funds raised from this KOSDAQ listing to promote a healthy startup ecosystem and enhance corporate value growth. While strengthening existing business capabilities through startup equity investments and fund contributions, it will also invest in advancing its accelerating system.
Lee Yonggwan, CEO of Bluepoint, stated, “Based on a systematic system, Bluepoint has succeeded in creating an efficient and sustainable profit model, becoming the first domestic accelerator company to pursue a KOSDAQ listing. During the IPO period, we will promote Bluepoint’s unique business vision and corporate value, and through the listing, we will leap forward as a global tech-specialized accelerator.”
Meanwhile, the total number of shares offered in the public offering is 1.7 million, all newly issued shares. The expected price range per share is 8,500 to 10,000 KRW, with the anticipated amount raised between 14.4 billion and 17 billion KRW. The public offering price will be finalized through demand forecasting on February 6 and 7 next year, followed by general subscription on February 13 and 14. The listing is scheduled for February, with Korea Investment & Securities as the lead underwriter and DB Financial Investment as the co-manager.
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