Teamblind, which operates the office worker community "Blind," is moving ahead with an initial public offering (IPO) in Korea. Leaning on its overwhelming user base and revenue structure in the domestic market, it has shifted course to a KOSDAQ listing instead of the United States. As it is still in the early phase of global expansion, the move is seen as a strategy to reduce the burden of an overseas listing and first prove its corporate value at home.
On the 29th, according to the investment banking (IB) industry, Teamblind signed a listing underwriting agreement with Mirae Asset Securities early this year and is pursuing a KOSDAQ listing. It is currently in the initial stage ahead of the first due diligence, and after reviewing its business status and financial structure, the public offering structure and timetable are expected to take shape.
Initially, Teamblind had strongly considered a Nasdaq listing in the United States. In fact, during its Series C fundraising in 2021, it attracted global investors on the premise of a Nasdaq listing. Overseas institutions such as Cisco Investment and Pavilion Capital participated, and existing investors Storm Ventures and DCM Ventures also made follow-on investments.
Recently, however, the center of gravity in its listing strategy has shifted to the domestic market. In a roughly $12 million investment conducted in 2024, domestic investors such as Korea Investment Partners and Kiwoom Investment stood at the forefront. With Hana Securities and Hana Ventures also participating, the trend of reorganizing its capital-raising base toward the domestic market has become clear.
The choice of KOSDAQ appears to rest on its overwhelming user base in the domestic market. Blind has secured a sign-up rate of over about 90% among the top 1,000 corporations by market capitalization in Korea. Its total number of users exceeds 10 million. By contrast, in overseas markets such as the United States and Canada, growth is assessed to be relatively slower due to local community culture and competing platforms.
From a revenue-structure perspective as well, a domestic listing is seen as a practical choice. Teamblind currently generates sales centered on its advertising business, and major advertisers are also largely domestic corporations. The industry expects that enhancing data-driven advertising and expanding solutions for corporations will be key to valuing the company. The fact that domestic investors can understand the business structure more intuitively is also seen as an advantage for a KOSDAQ listing.
The burdens associated with an overseas listing also appear to have been considered. The accounting and disclosure standards and expense required for a Nasdaq debut, along with the recently subdued investor sentiment toward global tech stocks, are cited as variables. Given that the share of overseas sales is not yet large, the judgment is that it is more efficient to prove corporate value first in the domestic market rather than pushing into the global market prematurely.