Broadcaster Jo Yeong-gu has withdrawn the initial public offering of Yeongu Clean, where he serves as executive director and advertising model. Yeongu Clean, established in 2008, is a platform company for directors and cleaning services that attempted a merger for listing via a Special Purpose Acquisition Company (SPAC) seven years ago but was unsuccessful.
According to the Financial Supervisory Service's electronic disclosure system on the 27th, IBKS No.20 Special Purpose Acquisition Company announced that it would cancel the merger with Yeongu Clean, a platform service company for directors and cleaning. The company noted, "Due to internal circumstances, we will cancel the board resolution regarding the merger after consulting with Yeongu Clean."
Yeongu Clean began the process of going public through a merger with IBKS No.20 Special Purpose Acquisition Company last November. The merger ratio was 1 to 13.956, valuing the company at 83.7 billion won. The projected market capitalization, including convertible bonds (CBs) within the SPAC, was about 95.7 billion won.
Thus, Yeongu Clean's second attempt at going public has also failed. Yeongu Clean also pursued a merger listing with IBKS No.3 Special Purpose Acquisition Company in 2017. The company's value was approximately 32 billion won, and the estimated market capitalization after the merger was around 40 billion won. At that time, evaluations indicated that the company's value had been excessively inflated due to the popularity of a celebrity.
The largest shareholder of Yeongu Clean, established in 2008, is CEO Lim Han-myung (22.50%). Broadcaster Jo Yeong-gu is the third-largest shareholder, holding 13.50% equity. Yeongu Clean reported sales of 15.2 billion won and operating profit of 3.7 billion won in 2023.