US SEC Grants Final Approval for Hallyu Holdings IPO
11th Korean Company to List, 13 Years Since Last Entry
First Achievement for a Domestic Startup
Platform Hallyu Holdings will become the first domestic startup to directly list on NASDAQ. It is the 11th NASDAQ listing among Korean companies overall, and marks the first time in 13 years that a Korean company has entered NASDAQ since the last NASDAQ-listed Korean company.
On the 14th, Hallyu Holdings announced that it had received final approval for NASDAQ listing from the SEC (U.S. Securities and Exchange Commission). Previously, Hallyu Holdings had submitted its 2022 audit report and S-1 filing. After review by the SEC, final approval was granted.
Hallyu Holdings is the first domestic startup to enter NASDAQ. So far, a total of 10 Korean companies, including Duranet (listed in 1999), have directly listed on NASDAQ without going through the domestic stock market. Except for Gravity (listed in 2005), nine of these companies have been delisted. The most recent NASDAQ listing by a Korean company was Hanwha Q CELLS in 2010.
Hallyu Holdings’ main business is the global fandom platform “FANTOO,” operated by its subsidiary Hallyu Bank. It has approximately 25 million users across more than 150 countries, with over 80% of users overseas. FANTOO features real-time translation capabilities, enabling free communication regardless of nationality. Users can directly process and share content, and receive rewards accordingly.
Hallyu Holdings has six subsidiaries and affiliates. According to SEC filings, last year’s revenue was about 1.2 billion KRW, with 74 employees. The asset size is approximately 8 billion KRW. In the past, the company was valued at around 540 billion KRW based on a stock valuation report by the global accounting firm U.S. KPMG.
The estimated public offering size is about 40 million USD (approximately 52 billion KRW). The lead underwriter is Aegis Capital. Once listed, domestic investors will also be able to participate in the IPO subscription through subscription agency services. Hallyu Holdings plans to hold roadshows in Seoul (Conrad Seoul) on the 21st and Busan (Ananti Hilton) on the 24th, followed by a roadshow in New York, USA.
Hallyu Holdings plans to increase its value through business diversification with various partner companies within the group. The media company Hallyu Times is a representative example, delivering news related to Hallyu content translated into various languages. K-Commerce, which operates “Celeb Live,” is active in the shopping market with an open market solution. Fantoo Entertainment produces music, plans performances, and creates content by discovering and nurturing new artists.
Lee Jae-man, General Manager of Hallyu Bank, a subsidiary of Hallyu Holdings, said, “Through the NASDAQ listing, we will secure stable momentum and accelerate the platform business. We will do our best to grow into a global leading K-content platform that spreads Hallyu.”
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