StageSpinoff / Spinout | Alive
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Latest SK Square News
May 8, 2023
Korean app market One Store to raise $151 mn for Kiwoom's exit As the financial investor's loan matures at end-2023, it will raise funds again and reattempt IPO By 10 MINUTES AGO KoreanгҖҖhomegrownгҖҖappгҖҖmarketгҖҖOneгҖҖStore'sгҖҖgiftгҖҖcardгҖҖ(CourtesyгҖҖofгҖҖSKгҖҖSquare) One Store Co., a South Korean homegrown app store, is slated to attract more than 200 billion won ($151.3 million) as its 100 billion won loan, which it took out in 2019, matures at the end of this year. SK Square Co., the app storeвҖҷs parent company and an investment management arm of KoreaвҖҷs No. 2 conglomerate SK Group, is in talks with private equity firms over fundraising, according to investment banking sources last week. Lazard Korea Asset Management Co. will act as a financial advisor.В В Making up around 14% of the Korean app market, One Store app is available on the Android operating system and has 50 million total users, including 19 million of monthly active users. Transaction on the app store is more than 700 billion won per year. Its largest shareholder is SK Square with 47.49% ownership, followed by online portal giant Naver Corp.вҖҷs 24.97%. The third-largest stakeholder is Kiwoom Pioneer Private Equity with 17.66%, which manages capital from SKS Private Equity, Kiwoom Investment Co., SK Securities Co. and other local financial services firms. Telecom giant KT Corp. owns a 2.95% stake, while Microsoft Corp. and mobile carrier LG Uplus Corp. hold less than 1%, respectively. В LONGER LOAN MATURITY WITH NEW INVESTORS The new fundraising has been planned for Kiwoom PioneerвҖҷs exit. The financial investor injected 100 billion in 2019 under conditions that the app market will go public within three years, or SK Square will give the principal with interests back to the private equity firm. Parent company SK Square dropped a plan for initial public offering in May of the last year as One Store shares failed to draw strong demand from institutional investors. The SK GroupвҖҷs investment manager and Kiwoom Pioneer agreed to extend the maturity by a year after the failure of IPO. Through fundraising, SK Square will find a new investor for One Store for longer maturity and then retry One StoreвҖҷs IPO, sources said. SK Square hoped for a 1 trillion won valuation for One Store in the attempt at the IPO last year. The app marketвҖҷs operating loss surged by 335.1% to 24.8 billion won in 2022, while the revenue rose 4.1% to 222.9 billion won. The app market hasnвҖҷt posted any yearly operating profit since its inception in 2016. One Store will focus on raising its value by increasing best-selling games, which normally pay app stores high fees, and expanding in overseas markets.
SK Square Frequently Asked Questions (FAQ)
Where is SK Square's headquarters?
SK Square's headquarters is located at 65, Eulji-ro, Jung-gu, Seoul.
What is SK Square's latest funding round?
SK Square's latest funding round is Spinoff / Spinout.
Who are the investors of SK Square?
Investors of SK Square include SK Telecom.
Who are SK Square's competitors?
Competitors of SK Square include SV Investment and 4 more.
Compare SK Square to Competitors
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