This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:16 p.m. on Dec. 23, 2025.
IMM Investment, regarded as a leading venture capital (VC) firm in Korea, has decided to keep holding its equity even after the comprehensive stock exchange (integration) between Naver Financial and Dunamu, rather than selling. The calculation is to wait for greater future value instead of an immediate "exit (investment recovery)" to secure cash.
Major financial investors (FIs) in Dunamu, including Kakao Investment and Woori Technology Investment, are also largely expected not to cash out their equity and to transfer it to Naver Financial. Considering the trust built with Dunamu, they are likely to support the integration of the two companies.
According to the VC industry on the 23rd, IMM Investment recently decided internally to exchange Dunamu equity for new shares of Naver Financial and retain them. About four years after investing about 27 billion won in Dunamu in 2022, its stake in Naver Financial after the new-share exchange is estimated to be around 0.1%.
Naver (NAVER) is pushing ahead with integration between Naver Financial and Dunamu, the operator of the Upbit virtual asset exchange. The integration plan was finalized after each company's board approval on the 26th of last month. Dunamu was valued at 15 trillion won and Naver Financial at 5 trillion won. The exchange ratio per share was set at 1 to 2.5.
Under a structure in which Naver Financial incorporates Dunamu as a subsidiary, the exchange prices were set at 439,252 won per share for Dunamu and 172,780 won for Naver Financial. Dissenting shareholders will be granted appraisal rights allowing them to sell their holdings at 439,252 won per share for Dunamu and 172,780 won for Naver Financial.
IMM Investment's plan to hold Naver Financial equity appears poised to be an initial signal that will quell "appraisal right risk." The industry had predicted that FIs who entered when Dunamu's corporate value was at its peak would exercise appraisal rights through this merger to secure cash.
If there are many appraisal demands, the integration will fall through. At their board meetings, the two companies decided to accept opposition to the stock exchange from each company's shareholders from May 7 to 21 next year, and added a proviso that the stock exchange can be canceled if shareholders' appraisal rights exceed 1.2 trillion won for each company.
IMM Investment's choice to hold equity is underpinned by confidence in the synergy from integrating the two companies. Rather than remaining merely as a shareholder of a virtual asset exchange operator, the calculation is to remain a shareholder of a "mega fintech giant" that combines Naver's platform power and financial infrastructure to enjoy greater future value.
It also considered that it invested when Dunamu's corporate value was at its peak, and the per-share purchase price is higher than the appraisal right exercise price. In 2022, IMM Investment valued Dunamu at about 16 trillion won and invested around 27 billion won. The per-share purchase price is understood to be about 450,000 won.
Major Dunamu FIs such as Kakao Investment, Woori Technology Investment, and Hanwha Investment & Securities are also seen as likely to convert to and continue holding Naver Financial equity. Considering scenarios such as a future Nasdaq listing of Naver Financial after the merger, continuing to hold Naver Financial equity is seen as reasonable.
In the virtual asset industry, some speculate that Dunamu has already completed partial preliminary consultations with major FIs. This is because Dunamu added a proviso that it can cancel the stock exchange if shareholders' appraisal amount exceeds 1.2 trillion won, and major shareholders are effectively seen as having accepted the stock exchange.
In fact, the equity value of major Dunamu FIs such as Kakao Investment, Woori Technology Investment, and Hanwha Investment & Securities far exceeds the 1.2 trillion won appraisal cap. In particular, Kakao Investment holds 3,692,315 shares (10.59%) of Dunamu. The valuation based on appraisal rights is 1.6 trillion won, exceeding the cap.
A person in the virtual asset industry said, "Kakao Investment and Woori Technology Investment invested in 2013 and 2015, respectively, trusting Chairman Song Chi-hyung, even before Dunamu rolled out Upbit," adding, "With the integration with Naver Financial, it is highly likely they agreed with Chairman Song's push to expand into the digital asset space."
The outlook for Naver Financial's corporate value after the stock exchange is generally positive. Some institutions are said to be asking existing shareholders to sell their old shares.
Earlier, the market heard that Naver Financial and Dunamu agreed to a clause to complete a listing within five years from the date of signing their stock exchange agreement. If Naver Financial, after merging with Dunamu, succeeds in listing on Nasdaq, there are even projections that its valuation could exceed 50 trillion won.