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(Oasis Market) |
Online grocery delivery platform Oasis Market has received preliminary approval for its proposed IPO on the Korean Stock Exchange.
In September, Oasis Market applied for a preliminary review for its IPO from lead managers Korea Investment & Securities and NH Investment & Securities.
The Korean e-commerce company plans to debut in the secondary tech-heavy KOSDAQ markets in the first half of 2023.
Founded in 2011, Oasis Market entered the online delivery market in 2018. The company is the only e-commerce platform in Korea that has turned a profit.
Operating profit reached 300 million won (US$237,000) in 2018, 1 billion won in 2019 and 9.7 billion won in 2020. Last year, Oasis Market’s sales rose 50 percent year-on-year to 357 billion won, while operating profit reached 5.7 billion won.
In the first half of this year, Oasis Market’s revenue was 202.4 billion won, up 21 percent from the same period in 2021. Operating profit during this period was 7.2 billion won.
In addition, the company has recently teamed up with partners from various sectors, including telecom operator KT, outlet mall operator Eland Retail and internet lender K-Bank, to improve its competitiveness in the local market.
According to industry insiders, the enterprise value of Oasis Market is estimated at around 1 trillion won.
With Oasis Market rival Kurly, operator of South Korean e-commerce platform Market Kurly, also passing preliminary approval for its IPO in August, industry insiders are keeping a close eye on which company will become the first e-commerce operator to go public reach.
With the IPO process to be completed within six months of receiving preliminary approval, Kurly is expected to take the next step towards listing early next year.
By Song Seung-hyun ([email protected])
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