Seoul, South Korea - Millie's Library, a significant reading platform in South Korea, has initiated the process of going public.
Mirae Asset Securities will oversee the IPO process and subsequent listing.
Why it matters:
In South Korea, startups often choose to go public as an exit strategy.
After being integrated into KT Group, Millie's Library proposed various strategies, but ultimately the content-based startup chose to go public.
Therefore, the market is still determining the impact it can have on the South Korean market in the winter of startups.
The Key Points
- Historical background: Founded in 2016, Millie's Library became Korea's first monthly e-book subscription service provider in 2017 and has diversified its offerings. It became part of the KT Group in 2021.
- Growth and Market Position: Millie's Library has established itself as Korea's largest reading platform, with approximately 150,000 books and 1,800 partner publishers, primarily targeting the MZ generation.
- Financial performance: The company expects to generate revenues of KRW 45.8 billion (US$ 34.11 million) and operating income of KRW 4.2 billion (US$ 3.13 million) in 2022.
- Public Offering Details: By offering 1.5 million shares at a price range of KRW 20,000 (US$ 14.90) to KRW 23,000 (US$ 17.13), the total expected offering amount is KRW 30 billion (US$ 22.36 million) to KRW 34.5 billion (US$ 25.70 million). The listing on the KOSDAQ market is scheduled for September.
The Big Picture:
Millie's Library has evolved from an e-book subscription service to a multi-faceted reading platform, with new ventures such as "Millie Road" for original IP discovery and MVNO partnership plans.
As the company prepares to go public, its projected financial performance and expansion plans may attract the attention of investors and market strategists.
CEO Seo Young-Taek has stated the company's goal of focusing on the value of reading, catering to all generations, and cooperating with the publishing industry.
The upcoming IPO of Millie's Library may provide insight into the direction of the technology-driven reading industry in South Korea and potential investment opportunities for those interested in the intersection of technology and publishing.
* US$1= KRW 1,342.52