Bluepoint Withdraws KOSDAQ Listing... "Considering Market Conditions and IPO Schedule"

First Domestic AC IPO Attempt Fails
"Will Reattempt at an Appropriate Time"

Bluepoint Partners, an accelerator specializing in early-stage startup investment and nurturing, has withdrawn its IPO. It had raised expectations by attempting to become the first domestic accelerator to go public, aiming to expand the startup ecosystem, but ultimately the plan fell through.

On the 17th, Bluepoint submitted a withdrawal report to the Financial Supervisory Service and announced the suspension of its KOSDAQ listing process. A Bluepoint representative stated, "After comprehensively considering market conditions, the public offering schedule, and other factors, we decided to withdraw the offering."

Bluepoint passed the preliminary review by the Korea Exchange in October last year and had been pursuing an IPO targeting the first quarter of this year. Operating revenue (sales) reached 38.5 billion KRW in 2021 and 25.1 billion KRW in the first to third quarters of last year, while operating profit was 24.1 billion KRW and 12.4 billion KRW for the same periods, respectively.

However, on the 3rd, following a correction request from the Financial Supervisory Service, Bluepoint postponed schedules such as demand forecasting and general subscription. Bluepoint explained, "Despite efforts to secure market objectivity and enhance investor understanding through two voluntary corrections, the direct correction request from the Financial Supervisory Service on the 3rd made it difficult to complete the listing within the period, leading to the withdrawal decision." Given the rapid deterioration of domestic and international conditions such as the economic downturn and the SVB incident, they plan to reattempt the IPO at an appropriate time.

Lee Yong-gwan, CEO of Bluepoint Partners

Lee Yong-kwan, CEO of Bluepoint, said, "Since its establishment in 2014, Bluepoint has actively invested in 276 companies as of the end of last year, with the portfolio company value reaching approximately 4 trillion KRW, maintaining steady growth. We want to assure that there are no issues regarding concerns raised about liquidity ratios and investment asset valuations."

He added, "The liquidity ratio may appear somewhat low because some convertible redeemable preferred stock is recognized as debt and cash flow from equity (main account) investment execution is recorded as negative, but it is being managed strategically." He also emphasized, "Investment asset valuations are determined by market supply and demand and are strictly managed through reliable professional institutions."

CEO Lee stated, "We will use this IPO attempt as an opportunity to create higher corporate value and continue innovation in startup investment."