Millie targets Kosdaq listing next month

The logo of Millie, an e-book subscription service provider [MILLIE]

Millie, an e-book subscription service provider, aims to go public on the Kosdaq in September after withdrawing from a market listing last year.

It hopes to raise up to 34.5 billion won ($25.7 million) after achieving a turnaround from its annual earnings in 2022.

The company submitted a securities report to the Financial Supervisory Office, it said on Monday. The public subscription period for Millie will run for two days from Sept. 18.

Genie Music acquired 38.63 percent of Millie in September 2021 and became its largest shareholder. Genie Music’s largest shareholder is KT Studio Genie, which owns a 36 percent stake.

Millie’s operating profit swung into the black on year to post 4.2 billion won, while revenue skyrocketed 158 percent to 45.8 billion won.

For the first half of this year, it logged an operating profit of 5 billion won and revenue of 26 billion won.

The company suggested a preliminary range between 20,000 won to 23,000 won to issue 1.5 million new shares, which means it can raise between 30 and 34.5 billion won.

This is Millie’s second attempt to be listed on the Kosdaq market. Last year, it attempted to issue 2 million new shares to raise up to 50 billion won but canceled its initial public offering citing market uncertainties.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]