Naver Financial and Dunamu, which are pushing ahead with a merger, are said on the 19th to plan to complete an initial public offering (IPO) by November 2030 after a comprehensive stock swap. Naver Financial is reportedly still undecided on whether to list in the U.S. market or the Korean market.
The industry sees a Nasdaq listing as highly likely. That is because NAVER, the parent company of Naver Financial, is already listed on KOSPI. If Naver Financial, which was spun off from NAVER in 2019, lists on KOSPI, it could spark controversy that it dilutes the parent company's shareholder value. A Naver Financial official said, "It is difficult to disclose specific contract details."
Dunamu and Naver Financial are currently going through merger procedures. They plan to submit a securities registration statement and undergo a review by the Financial Supervisory Service. The Financial Supervisory Service is reviewing the level of protection for both sides' shareholder rights and interests, internal controls, and system stability.