South Korea's Kurly gets IPO preliminary approval (updated)

Hyundai Engineering & Construction Co

22/08/2022 09:57

(Adds detail)
    SEOUL, Aug 22 (Reuters) - South Korea's Kurly Inc, which
operates online grocery service Market Kurly, has received
preliminary approval for an initial public offering (IPO), the
Korea Exchange said on Monday.
    Kurly has seen annual revenue grow threefold to 1.6 trillion
won ($1.19 billion) in 2021 from 426 billion in 2019 as demand
for online grocery shopping jumped during the COVID-19 pandemic,
although it reported an operating loss of 214 billion won in
2021. 
    Kurly, which launched its service in 2015, received pre-IPO
funding of about 250 billion won from private equity firm Anchor
Equity in December 2021 which valued the company at about 4
trillion won, a Kurly spokesman previously said. 
    Market uncertainty has rocked recent listing plans of South
Korean firms with builder Hyundai Engineering and refiner
Hyundai Oilbank both withdrawing immediate IPO plans, while
car-sharing platform Socar Inc  403550.KS  priced its IPO below
the bottom end of its indicative range.  urn:newsml:reuters.com:*:nL1N2Z2020 urn:newsml:reuters.com:*:nS6N2Z801K
    Socar closed at 26,300 won per share on Monday, its first
day of trading, below its IPO price of 28,000 won. 
    ($1 = 1,344.2600 won)

 (Reporting by Heekyong Yang and Joyce Lee; editing by Edmund
Blair and Jason Neely)
 ((joyce.lee@tr.com;))