Flitto, the global crowdsourced translation platform’s IPO is all set to be traded on KOSDAQ from July 17, 2019. The company had raised 38.3 billion won or $32.8 million from its two-day subscription of its Initial Public Offering (IPO) on July 1 & 2, 2019. The listing for Flitto’s offering through the development board of KOSDAQ is a special case based on future scalability model instead of profitability.
IPO base price set above the offer price band
The IPO was 1,133 times subscribed and about 1,300 institutional domestic & foreign investors joined the public offering. Flitto’s offer price was set at 26,000 won per share, above the price band ceiling. The IPO was expected to fetch Flitto between 28 billion won and 33.9 billion won, as its offer price band had been set at between 19,000 won and 23,000 won.
Flitto, launched in 2012, is a successful platform for translation services with clientele across the globe. The platform has over 10 million users in over 170 countries and earns revenue through selling text, voice and image data generated translation service to individuals and large companies like Microsoft, Google, Naver, etc. The company also offers to subtitle for Youtube content.
The platform offers translation in some 25 different languages, including English, Arabic, Chinese, French, German, Indonesian, Japanese, Korean, Malayan, Russian, Spanish, Thai, Vietnamese, etc. Flitto has received its funding from Atinum Investment and DSC Investment. The startup also had been the first Asian company to join the SpringBoard incubation program in London (now Techstars London) in 2012.
Flitto’s revenue has grown rapidly over the past three years in line with the increased demand for translation services. The company’s sales revenue increased from $ 36k in 2015 to $ 4.4 million in 2018. The startup expects its sales for 2019 are to reach $ 6.2million.