Shareholders in TMON Inc. are enjoying the limelight on e-commerce players amid hype over Coupang’s IPO in the New York Stock Exchange after TMON pulled in pre-IPO funding of 305 billion won ($275.3 million) to raise expectations for its Kosdaq IPO slated for later in the year.
KG Mobilians shares finished Monday 10.77 percent higher at 10,800 won. Those of Hanwha Investment & Securities rose 2.98 percent to 2,940 won, and SK Networks up 1.93 percent to 5,280 won.
The three firms have invested in TMON’s mobile payment service Chai operated by Chai Corporation.
The e-commerce platform on Friday announced that it raised 255 billion won new funding from PS Alliance, a private equity fund under Korea’s Poongsan Group. Its existing shareholders KKR &Co. and Anchor Equity Partners also put up an additional 50 billion won.
TMON last year picked Mirae Asset Daewoo as the lead underwriter for its IPO for this year. The new funding could clean up its financial statement after losses amounted to 658.1 billion won by the end of 2019.
Skepticism exists for second-tier e-commerce players like TMON and 11st.com as they need to prove their revenue growth or profit improvement for successful debut on the stock market.
Stocks with interest in Coupang Inc. prepping $1 billion Class A stock offering on the New York Stock Exchange (NYSE) as early as next month continued their rally. Shares of Kosdaq-listed mobile payment service operator Danal surged 29.25 percent to 9,500 won in Seoul trading.
By Kang Bong-jin and Lee Ha-yeon
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