Naver and Dunamu set IPO roadmap for Naver Financial

Naver and Dunamu will form an IPO committee for Naver Financial within a year of their $10.3B share swap, targeting a listing in five years, extendable by two. Timing and structure depend on regulatory approval.

Naver and Dunamu have finalized plans to establish an IPO committee for Naver Financial within one year, following their $10.3 billion share swap agreement, as outlined in updated filings. The companies aim to list Naver Financial within five years, with the option to extend this period by up to two years if necessary. The filings emphasize that the IPO’s timing and structure remain flexible, subject to regulatory approval and prevailing market conditions. Naver also plans to secure voting rights to ensure Naver Financial remains a consolidated subsidiary after the transaction. This arrangement is designed to bring Upbit’s parent company under a publicly listed fintech group, rather than pursuing a standalone listing. Dunamu’s recent decline in revenue and operating profit adds a note of caution to the timeline. The deal is still pending regulatory review, and the final listing schedule may change based on evolving regulations and market trends.