Luxury bag producer Simone and beer crafter Jeju Beer to add IPO diversity

2021.02.26 14:01:56 | 2021.02.26 16:21:21

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Adding to the diversity to the Korean IPO pipeline, a luxury bag and craft beer names will join the Korean bourse.

Simone Ltd., a globally leading original design manufacturer (ODM) of high-end handbags, is readying another go at the main Kospi market after its first attempt in 2018 fell through.

Simone sent out a request for proposal to brokerages earlier this month and held a presentation on Thursday for domestic brokerage firms including NH Investment & Securities, Korea Investment & Securities and Mirae Asset Daewoo, among others, to select the underwriters for the IPO process, according to sources from the investment banking industry.

The original design manufacturer has manufactured products for global fashion houses like DKNY, Michael Kors, Tory Burch, Marc Jacobs, and Burberry. It holds a market share of 10 percent in the global market and 30 percent in the U.S.

The company aims to complete the IPO process by the end of this year.

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Jeju Beer on Thursday passed the preliminary screening to be listed on the secondary bourse Kosdaq in November last month. The beer crafter aims to complete the IPO process by the first half of this year, a Jeju Beer official said. When listed, it will be the first microbrewery company to make its debut on the Kosdaq.

Jeju Beer, based on the country’s resort destination Jeju Island, is the first global microbrewery in Korea jointly established with world-renowned New York-based Brooklyn Brewery in 2005. The company’s annual revenue last year reached 32 billion won ($28.54 million), doubled from the previous year on strong sales of its flagship products Jeju Wit Ale and Jeju Pellong Ale, riding on the home drinking fad amid the prolonged pandemic.

By Shim Sang-dae, Kim Hyo-hye and Lee Soo-min

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