Millie's Seoje, IPO Retry... 7 Months After Withdrawal

Millie's Library is re-entering the initial public offering (IPO) process. This comes seven months after announcing the withdrawal of its listing at the end of last year.

The reading platform Millie's Library announced on the 2nd that it submitted an application for preliminary review for listing to the Korea Exchange on the 1st to list on KOSDAQ. Mirae Asset Securities is managing the IPO.

Millie's Library stated, "Through the IPO, we plan to diversify the integrated reading platform functions and secure original intellectual property (IP)," adding, "We also plan to accelerate investments in new businesses."

Millie's Library is an innovative company that first applied the 'subscription economy' to e-books in Korea. Since its establishment in 2016, it gained attention by launching the 'monthly subscription e-book service' in 2017.

So far, Millie's Library has continued new attempts by introducing audiobooks, chatbooks (secondary content adapted into conversations based on book contents), audio dramas, docent books (content explaining book contents), and object books (multimedia reading content). Recently, it also launched the beta version of the creative platform 'Millie Road.' Through the IPO, the company intends to strengthen the platform structure and secure content to continue this trend.

As of 2022, Millie's Library achieved sales of 45.8 billion KRW and an operating profit of 4.2 billion KRW. As of June 2023, the cumulative number of members is approximately 6 million, with 140,000 types of content and 1,800 partner publishers. After being acquired by Genie Music under the KT Group in September 2021, it has introduced various collaboration models with KT media affiliates. Currently, besides bundling KT plans and launching additional service products, it is focusing on B2B business.

Seo Young-taek, CEO of Millie's Library, said, "By presenting an independent and integrated reading content service, we have achieved remarkable growth in a short period and established our position as the largest reading platform in Korea," adding, "We will accelerate strengthening our own platform, securing original IP, and new businesses, as well as focus on B2BC and B2B businesses to leap into a more solid company."