This article was published on July 3, 2025, at 4:43 p.m. on the ChosunBiz MoneyMove site.
Last year, Open Mile, the operator of a vehicle management platform, acquired the vehicle maintenance subsidiary of AJ Networks and is now seeking pre-initial public offering (IPO) funding. The new funds will be utilized to expand their commercial vehicle contract maintenance service and aim to enter the stock market next year.
On the 3rd, according to the investment banking (IB) sector, Open Mile recently established a plan for pre-IPO fundraising ahead of its listing next year and began contacting financial investors such as private equity firms. It is understood that one financial investor has been selected and is expected to provide approximately 3 billion won in new funding.
The procurement method is likely to be the issuance of convertible bonds (CB). Due to the increasing uncertainty surrounding the listing, there has been a noticeable preference for CBs among recent pre-IPO investors. Open Mile's corporate value is reported to be around 80 billion won based on pre-money valuation.
Open Mile started in 2011 with the platform RoadWinHuman, which matched shippers and carriers through a mobile application to transport used cars or rental cars. It later expanded its business by adding vehicle monitoring and maintenance services, changing its name to Open Mile.
Recently, it is transitioning into a comprehensive vehicle management service company for corporate customers such as rental car companies with a nationwide maintenance network. The acquisition of AJ Networks' vehicle maintenance specialist, AJ Maintenance Partners, last August established a maintenance network of approximately 430 locations nationwide.
Investor interest appears to be high, as sales are rapidly increasing with the synergistic effects from the partnership with AJ Maintenance Partners. Open Mile estimates that this year it could achieve more than 80 billion won in sales, double the sales of 44.3 billion won last year.
The planned push for a listing next year is also considered a factor attracting investor interest. Based on improved performance this year, Open Mile aims to list on the KOSDAQ market next year. It has already selected Shinyoung Securities as the underwriter for the listing, with a post-listing valuation being discussed at over 100 billion won.
Meanwhile, Open Mile's cumulative investment amount is expected to rise to 25 billion won, including the CB. Open Mile began its Series A funding in 2019 from WithWin Investment and received new investments of 4.3 billion won and 17.5 billion won in 2021 and 2022, respectively.