Market Kulley’s listing in the U.S., selected as a Goldman Sachs organizer

Input 2021.03.26 09:59

Market Curly operator Curly started listing in the United States. According to investment banking and distribution industry, Curley is known to have recently selected Goldman Sachs, Morgan Stanley, and JP Morgan as the organizers.

Curley’s position is that it cannot confirm the contents of the IPO.

Kim Seul-ah, CEO of Curley, recently revealed in an interview with the Wall Street Journal (WSJ), “We are discussing a plan to list the US stock market this year with the bank.” At the end of February, CEO Kim also shared plans for listing within the year to employees at the level of the in-house team leader or higher.

Market Curly is a pioneer in the early morning delivery service of fresh food in Korea. It started business in 2015 and has grown rapidly from 2.9 billion won in 2015 to 428.9 billion won in 2019 due to word of mouth among young housewives. According to the distribution industry, Curly’s sales in 2020 are known to be around 1 trillion won, a double increase from the previous year.

Curley’s entry target is known to be the New York Stock Exchange (NYSE), such as Coupang. Curley signed a contract with Samsung Securities at the end of 2017 to consider listing in Korea, but recently turned to the U.S. listing.

The retail industry views that Coupang will have a big impact on Curley’s transition to the US listing target. Coupang was recognized for its corporate value of 100 trillion won through listing on NYSE.

Some of the industry is also cautious about Curley’s listing in the United States. This is because the business area of ​​Curly is smaller than that of Coupang, and the advantage of early morning delivery remains in Seoul and some areas of Gyeonggi Province. Some point out that there is a limit to expanding full-filment distribution centers to national districts, which require high costs even if funding is secured through listing.

Reporter Kim Hyung-won [email protected]

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