Dunamu, the operator of the virtual asset exchange Upbit, and Naver Financial said they plan to complete a merger and succeed in going public by 2031.

On the 15th, Dunamu filed a revised disclosure saying it would immediately pursue the listing of Naver Financial after completing a comprehensive stock exchange.

Executives from the three companies give a presentation at a joint press briefing by Naver, Naver Financial, and Dunamu held at Naver 1784 in Seongnam, Gyeonggi Province, on November 27 last year. /Courtesy of News1

The two companies plan to launch full-fledged listing work by forming an initial public offering (IPO) committee within one year after completing the stock exchange and business combination in the second half of this year. If listing is not achieved within five years, the schedule may be extended by up to two years.

The revised disclosure also specified that Naver will secure voting rights in Naver Financial through an investor agreement and maintain its status as a consolidated subsidiary as before.

The two companies said they plan to strengthen functional cooperation while maintaining existing businesses even after the stock exchange and will also review additional restructuring plans. However, specific restructuring or listing timelines will be finalized later through resolutions of the board of directors.

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