The pop-up and commercial real estate specialized corporation "Sweetspot" selected KB Securities as the lead underwriter and announced that it has officially begun preparations for its initial public offering (IPO) on the 26th.
Founded in 2015, Sweetspot has grown based on two main businesses: a "total solution for pop-up stores," which includes planning and operation of brand-customized pop-up stores, and a leasing proxy and asset management service utilizing commercial district and customer data.
So far, the cumulative investment amounts to 18 billion won, with major investors including Altos Ventures, the Industrial Bank of Korea, Cignaite, and the Woome Group. Revenue for the first half of this year has more than doubled compared to the previous year, successfully achieving profitability.
Since its establishment, Sweetspot has conducted over 8,200 pop-up stores, collaborating with various well-known brands both domestically and internationally. The pop-up store service "Shop Atpisode," introduced in March, is set to open additional locations based on high customer satisfaction. The pop-up information platform "Popga" and the exclusive pop-up space "Sweetspot Stage" are also showing continuous growth.
In the commercial real estate institutional sector, it has proven its competitiveness by recording a 100% rental rate at major commercial facilities such as the Gangdong I-Park The River and Yeouido Financial Tower.
Sweetspot provides commercial district analysis based on spatial data and consumer behavior data solutions, leading the digital transformation of the retail market. It plans to take off as a retail tech corporation through the listing by enhancing its data-driven operational system and expanding investments in AI and technology infrastructure.
Kim Jeong-soo, CEO of Sweetspot, noted, "Over the past 10 years, we have led offline retail innovation and created new consumption experiences centered around pop-up stores," and added, "Through the listing, we will accelerate the growth of core businesses, including 'Popga,' and further strengthen our market dominance."