It is reported that the global leisure platform, Yanolja, is discussing a plan to double-list on domestic and overseas stock markets.
Previously, Yanolja was reported to have selected Mirae Asset Daewoo as the supervisory securities company in November of last year with the aim of listing this year.
According to Bloomberg News on the 22nd, “Yanolja is aiming at a corporate value of 4 billion dollars (about 4,58 trillion won), and the size and location of the company’s public offering have not yet been concluded.”
In response, a Yanolja official said, “We are considering listing overseas.”
Meanwhile, the industry predicts that Yanolja’s sales last year exceeded 300 billion won. This is because domestic travel demand has increased due to the new coronavirus infection (Corona 19). Yanolja is the only OTA company that achieved net sales growth in the aftermath of Corona 19.
Accordingly, the securities industry and others forecast Yanolja’s corporate value at a maximum of 5 trillion won.
This is because the average market capitalization of online travel platforms (OTA) listed before Yanolja, such as Booking.com (Booking Holdings) and Airbnb, was determined at 10 times the sales (PSR) level.
However, some are promising that Yanolja’s corporate scale may reach 10 trillion won or more.
First of all, Yanolja, which was listed on the unlisted stock market at the end of last year, reached 1.1 million won per share last month. It is trading 70,000 won per share even after the 10 to 1 par value split. According to industry insiders, the scale of Yanolja in the unlisted market reaches over 9 trillion won.
Airbnb’s market capitalization, which entered the NASDAQ in December last year, is also an important indicator in calculating Yanolja’s corporate value.
As of the 19th, Airbnb had a market capitalization of $ 166.85 billion (about 131 trillion won). In addition, Airbnb’s 2020 sales are estimated to be about 3.2 trillion won.
Airbnb’s sales last year were about ten times larger than Yanolja’s. If Yanolja’s corporate value is simply calculated based on the difference in sales between the two companies, Yanolja’s corporate value is expected to reach at least 10 trillion won.
An official in the industry said, “The fact that the market cap of other OTAs such as Airbnb, Booking Holdings, Expedia, etc. is increasing will be effective in raising the corporate value of Yanolja.” The fact that it is also occurring in the B2B area through the reservation management system (PMS) is sure to have a positive impact on the public offering of Yanolja.”