This article was published on the ChosunBiz MoneyMove site at 2:12 p.m. on Aug. 19, 2025.
MyRealTrip, the first online travel platform (OTA) company to challenge for an initial public offering (IPO), has selected Mirae Asset Securities as its lead underwriter. Amid intense competition for underwriting from a long-awaited prospective unicorn (a private company worth over 1 trillion won), MyRealTrip chose a securities firm it has been communicating with for a long time as its partner.
According to the investment banking (IB) industry on the 19th, MyRealTrip has selected Mirae Asset Securities as its lead underwriter and Samsung Securities as its first negotiation target for a co-underwriter. MyRealTrip sent a request for proposal (RFP) to major domestic securities firms earlier this month, selecting Mirae Asset Securities, Samsung Securities, and Shinhan Investment Corp. as part of its listing underwriter shortlist.
These securities firms presented their proposals earlier this month in a competitive underwriting process. Given that this is the first listing case in the OTA sector and that performance improvement is evident, the competition is said to have been fierce. With no OTA companies currently listed on the domestic stock market, these securities firms proposed tailored strategies that consider factors specific to OTA companies, such as revenue models, platform engagement time, and user loyalty.
Industry analysts believe that Mirae Asset Securities' long-standing communication with MyRealTrip since its inception played a significant role in this selection. A representative from a large securities firm noted, "I understand Mirae Asset Securities has been proactively marketing for underwriter contracts since 2018-2019," adding, "I believe MyRealTrip has effectively articulated how it can advance from outbound overseas efforts to domestically explore the inbound market during this presentation."
Mirae Asset Securities has indicated multiple times that building a partnership with companies from their early establishment has been a driving force in securing underwriting contracts. Sung Joo-wan, an executive leading the IPO division, established a pre-IPO (pre-listing fundraising) investment team shortly after taking office in 2021; this team focuses on investing equity in unlisted corporations and managing post-listing increases and mezzanine financing as an underwriter. Mirae Asset is also concentrating on venture investments at the group level. Through active collaboration with these efforts, Mirae Asset Securities has consistently maintained a high ranking in underwriting tables.
Industry analysts suggest that Samsung Securities' background in having previously invested in MyRealTrip also contributed to its ability to secure the co-underwriting position. Last January, Samsung Securities collaborated with a global investment firm and IMM Investment, a major domestic venture capital (VC) firm, to make an equity investment in a series F round amounting to 75.6 billion won. Additionally, Mirae Asset Securities has also invested through a fund created in collaboration with Naver in 2017 and 2019.
Recently, in the securities industry, pre-IPO has emerged as an essential option for unlisted corporations to secure underwriting contracts. For unlisted companies, it provides an opportunity to increase their equity capital while also building trust with underwriters. Pre-IPO investments, which serve as a midpoint between venture investment and public offerings, are conducted through purchasing existing shares of unlisted companies or participating in new share issuance.
The market views that MyRealTrip, which was valued at around 600 billion won during last year's series F investment, aims for a value higher than that post-listing. Securities firms are also said to have set the target corporate valuation at around 1 trillion won. MyRealTrip recorded a revenue of 89.2 billion won and an operating profit of 1.3 billion won last year, marking its first profitability since its establishment in 2012. It currently has a cumulative subscriber count of 9 million and 4 million monthly active users (MAUs).