This article was published on ChosunBiz MoneyMove at 3:46 p.m. on Sept. 1, 2025.
Private equity fund (PEF) Affirma Capital has invested in the information technology (IT) solutions and managed cloud services (MSP) company Metanet Platform, which has initiated its listing process. The new cloud business aims to earn cash and is targeting a corporate value of 800 billion won. However, given the difficult market conditions, it remains uncertain whether it can achieve its desired valuation.
According to the investment banking (IB) industry on the 1st, Metanet Platform is advancing its listing process with a target of an initial public offering (IPO) in the first half of next year. NH Investment & Securities is the lead underwriter. As the second largest shareholder, Affirma Capital is likely to sell all remaining shares at the time of the IPO, given that the exit timing is approaching. The largest shareholder of Metanet Platform is Metanet Global, which holds a 74.89% stake.
Affirma Capital acquired a 20% stake in Metanet Platform in 2021 by purchasing redeemable convertible preferred shares (RCPS) for 112.5 billion won. After redeeming some RCPS, its current stake is 12.52%. At the time of the investment, Metanet Platform reported an annual operating profit of 2.9 billion won, but it was valued at 400 billion won due to expectations for the growth potential of the cloud business.
The rapid advancement of the IPO process is attributed to the improving performance of Metanet Platform. The company recorded an operating profit of 7.2 billion won in the first half of this year, more than doubling from 3.2 billion won last year. Its revenue also surpassed 290 billion won during the same period, growing 28% compared to 227 billion won in the same half of last year.
Analysts suggest that the company's performance growth is partly due to Metanet Platform's refusal to engage in low-cost contracts that were trending in the cloud market at the time. Additionally, active bolt-on mergers, aimed at creating synergies through acquisitions of similar companies, have also boosted corporate value. While Metanet had four subsidiaries at the end of 2021, that number increased to 19 by the end of the first half of this year.
However, it remains uncertain how much the market will value Metanet Platform. In 2021, during a time of high liquidity, the company was valued at 138 times its operating profit, but the market environment has drastically changed due to high interest rates. Even if it achieves the same operating profit in the second half as in the first half, a valuation of 800 billion won would require reflecting 55 times its profits.
The poor performance of competitors MegaZone Cloud and Bespin Global is also a concern. If the largest among Korea's 'Big 3' cloud companies, MegaZone Cloud, had successfully entered the stock market, Metanet Platform's IPO would have likely faced less difficulty.
MegaZone Cloud was recognized with a corporate value of 2.4 trillion won from MBK Partners and IMM Private Equity in 2022, achieving successful investment funding. However, it recorded an operating loss of 26.6 billion won last year, marking the seventh consecutive year of deficits since its establishment. The end of the COVID-19 pandemic has led to a reduction in remote work and a contraction of the global economy. Bespin Global also turned to profit last year, but its operating profit was only 1.8 billion won.
An IB industry source noted, "When leading players in the industry successfully enter the stock market, it makes it easier for latecomers to draw on that value for their own IPOs." However, they cautioned, "If MegaZone's stock performs poorly after listing, it could negatively affect Metanet Platform's IPO valuation, so going public sooner might not be a bad option."