Millie to go public on the Kosdaq in November

Millie, an e-book subscription service provider, said that it hopes to go public on Kosdaq in November and raise up to 50 billion won ($34.8 million), despite rising market uncertainties.

On Thursday, the company submitted a securities report to the Financial Supervisory Office. The public subscription period for Millie will run for two days from Oct. 31.

Genie Music acquired 39 percent of Millie last September and became its largest shareholder. Genie Music’s largest shareholder is KT Studio Genie, 36 percent of the stock.

Millie logged a net profit of 10.3 billion won in the first half. It was a turnaround from last year’s annual net loss of 34.8 billion won.

Millie had 5.5 million subscribers as of August this year, from 2 million in 2019. The company said that it aims to put more focus on media adaptations of its books after the initial public offering.

Millie suggested a preliminary range between 21,500 won and 25,000 won, which means the company will be able to raise between 43 billion and 50 billion won from the public listing.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]