South Korea’s online grocer Market Kurly mulls local IPO

The IPO is slated for the first half of next year.

South Korean online grocery delivery platform Market Kurly is looking to go public in the domestic market in 2022, picking NH Investment and two other brokerage houses as co-lead managers for its initial public offering (IPO), Yonhap reported.

Market Kurly said the proceeds from the envisioned IPO will be used on improving its infrastructure and hiring workers.

The IPO is slated for the first half of next year, although the company has yet to disclose the specific date for its stock market debut.

Market Kurly had originally pushed to debut on the US equity market but changed its plan as South Korean authorities eased listing requirements, luring in companies such as Coupang and other unicorns who sought to win listings on the US stock market.

In March, the Korea Exchange allowed companies with an expected market value of $855m (KRW1t) or more to get listed on the domestic market even if they failed to meet other financial requirements.