The share price of Dunamu, the operator of Upbit, is plunging in the unlisted stock transaction market. With news that it will be brought under the Naver affiliate umbrella dampening expectations for an overseas listing, disappointed selling is seen pouring out.
At 2:04 p.m. on the 25th, Dunamu was trading at 300,000 won, down 45,000 won (13.04%) from the previous trading day. Buoyed by expectations for new businesses, the share price had surged into the 340,000 won range this month but tumbled to as low as 270,000 won on the day.
Woori Technology Investment and Hanwha Investment & Securities, which hold equity in Dunamu, are also down more than 8% and 3%, respectively. That contrasts with NAVER, whose share price jumped more than 10% intraday.
In the morning, disappointed selling poured in on news that Naver Financial (Naver Pay), in which Naver is the largest shareholder, and Dunamu are pursuing a comprehensive stock exchange. Investors had assigned high value to the possibility of recouping their investment through an independent initial public offering (IPO), such as a U.S. Nasdaq listing for Dunamu. However, if Dunamu is incorporated as Naver's second-tier subsidiary through this exchange, the possibility of an independent listing effectively disappears.
Naver issued an explanatory disclosure the same day, saying, "Naver Financial is discussing various collaborations with Dunamu, including a stock exchange, in addition to stablecoins and unlisted stock transactions."