Millie’s Library., Korea’s leading e-book service platform, has set its sights on launching its IPO on the bourses soon. Having scrapped its ambitious plan to go market last year, the company has finally enlisted the expertise of Mirae Asset Securities to oversee the Initial Public Offering (IPO) process and eventual listing on the KOSDAQ market in 2023.
This development assumes great significance in South Korea’s startup landscape, where going public often represents a significant exit strategy for emerging businesses.
Millie’s Library has submitted a securities report to the Financial Services Commission and started the public offering process. Institutional demand forecast of the public offering price will be conducted from September 7 to 13. The general subscription will be held on September 18-19. The desired offering price (hope band) is suggested at 20,000 to 23,000 won (14 to 17 USD). It aims to enter the KOSDAQ with a market capitalization of 186.6 billion won based on the upper end of the public offering price.
Founded in 2016, Millie’s Library swiftly established itself as Korea’s pioneering monthly e-book subscription service provider in 2017. Boasting a robust and diverse array of offerings. In 2021, the company was acquired by the country’s leading telecommunication giant, the KT Group portfolio in 2021. Millie’s Library holds 150,000 reading contents and has about 1,800 partner publishers. This strategic integration into a larger conglomerate was poised to drive various growth strategies, but the final decision to pursue a public listing highlights the company’s vision for the future.
The e-book subscription platform has 6.4 million subscribers as of July 2023, with the 20s and 30s age group accounting for about 60%, and there is an increase in the ‘MZ generation’ accounts. Last year, the company registered sales of 45.8 billion won (34.2 million USD) and an operating profit of 4.2 billion won (3.1 million USD). As of the first half of 2023, the sales were 26 billion won, and the operating profit was 5 billion won, as per reports.
Millie’s Library has undergone a noteworthy evolution, transitioning from a simple e-book subscription service to a multi-faceted reading platform. Introducing initiatives like “Millie Road” for original IP discovery and MVNO partnership plans underscore the company’s dynamic approach to innovation.
CEO Seo Young-Taek has articulated the company’s mission to emphasize the value of reading across generations while fostering collaboration with the publishing industry. As the IPO date approaches, Millie’s Library’s performance and expansion endeavors are poised to captivate the attention of investors and industry observers alike.
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