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Cheongdam Global rises to challenge amid ‘No Delisting’ IPO cold wave

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Forecast of institutional demand on the 17th-18th, public offering of shares on the 24th-25th.

Cheongdam Global, an e-commerce platform company, will be listed on the KOSDAQ market on June 7th.

Cheongdam Global, an e-commerce (e-commerce) platform, will be listed on the KOSDAQ market next month. Despite the frozen IPO market, the company has announced its ambition to become a global e-commerce company, using growth potential as a weapon.

At a press conference held at the Conrad Hotel in Yeouido, Seoul on the 16th, Choi Sok-ju, CEO of Cheongdam Global, said, “Cheongdam Global has strategically entered the Chinese market amid the e-commerce boom. Our strengths are big data analytics and partnerships with global e-commerce platforms such as China’s JD.com and Alibaba.”

Cheongdam Global, founded in November 2017, sells global cosmetic brands such as cosmetics and perfumes to global e-commerce platforms and distribution companies. In particular, it is sold to JD.com, which is called the Chinese Amazon. Cheongdam Global is the only company listed as the first supplier on JD.com. Last year, the company posted sales of 144.3 billion won and operating income of 9.7 billion won on a consolidated basis. This is an increase of 87% and 165.2% respectively compared to the previous year.

Tier 1 vendors can respond using not only product supply data but also sales analysis data by product, time, and customer. There are six platforms, including JD.com and Alibaba, where Cheongdam Global has provided a distribution network as the main supplier.

Public offering funds will be used to expand the base and portfolio of the domestic logistics industry. “The market situation is unstable, but there are no plans to delist,” said Koo Koo, chief financial officer of Cheongdam Global.

Meanwhile, Cheongdam Global plans to continue the general subscription on the 24th and 25th of this month after confirming the public offer price by forecasting demand for two days from the 17th. The desired accommodation price range is 8,400 won to 9,600 won. The public offering amount is from 53.2 billion won to 60.8 billion won, and the total number of publicly offered shares is 6,341,686 shares. Among them, 5,813,212 shares of new shares and 528,474 shares of old shares. The share of sales of old shares is 8.33%. Its placement on the KOSDAQ market is scheduled for June 7th. The estimated market capitalization is between 178.5 billion and 204 billion won. The main organizer is KB Securities, the co-host is Daishin Securities.

Reporter Dawon Hong hong.dawon

Source: Economist

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