Kurly files application to be listed on Kospi market

Market Kurly's deliveries are stacked in a delivery truck. [KURLY]

Kurly, an e-commerce operator, filed an application on Monday to be listed on the Kospi market, in an offering that gives the company potential market capitalization between 4 trillion won ($3.3 billion) and 6 trillion won.

Kurly hopes to price the shares around 90,000 to 130,000 won.

The company had prepared to list in the first half of this year, but Korea Exchange (KRX) said CEO Kim Seul-ah would have to increase her stake in the company to do so. Kim holds a 6.67 percent stake as of 2020, with foreign investors holding a larger stake.

According to a release by the Korea Exchange on Monday, Sequoia Capital China Growth is the largest shareholder in Kurly with a 12 percent stake.

Local media reported that Kim and other major financial investors decided to hold shares jointly. Kurly said it couldn’t clarify, but said KRX’s concerns have been all quelled.

Although Kurly reported a net loss last year, it will still be able to list due to KRX easing listing regulations last year. It allows unicorn start-ups with a market capitalization of 1 trillion won to go public despite seeing losses, a decision made to prevent local companies with high potential from listing abroad.

Kurly's net loss fell by 12 percent to 213 billion won in 2020. It logged revenue of 950.9 billion won in 2020, up 110 percent from 452.5 billion won.

NH Investment & Securities, Korea Investment & Securities and J.P. Morgan will supervise the listing.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]