Dunamu and Naver Financial announced they will pursue a public listing by 2031 following their merger. The companies plan to establish an initial public offering (IPO) committee within one year of completing their business combination in the second half of this year to begin listing preparations in earnest.
Dunamu and Naver Financial disclosed on the 15th that they will immediately pursue Naver Financial's listing after completing their comprehensive stock swap.
Specifically, the two companies plan to form an IPO committee for Naver Financial within one year of the stock swap and make their best efforts toward listing. If the listing is not achieved within five years, the timeline may be extended by up to two years.
However, specific execution plans including whether to proceed with listing, timing, and method have not yet been finalized. The companies said they will make decisions after comprehensively considering market conditions and relevant regulations.
Dunamu previously announced its plan to list within five years at its annual shareholders' meeting last month. Dunamu CEO Oh Kyung-seok said at the time, "We plan to actively pursue listing once the deal with Naver Financial is completed," adding, "We are keeping both domestic and overseas markets open."
Dunamu CFO Nam Seung-hyun also said, "The five-year listing timeline represents the contractual final deadline," and "We will prepare for listing as soon as the deal is completed and make every effort to enter the stock market immediately."
Naver Financial and Dunamu decided in November last year to merge through a comprehensive stock swap. After the stock swap, Naver Financial, which will hold 100% of Dunamu's shares, was reported to be planning a listing on Nasdaq or other markets within five years.
However, the merger timeline has been delayed by approximately three months due to the government's delayed merger review. The day before, Naver disclosed that the shareholders' meeting date for the comprehensive stock swap between Naver Financial and Dunamu has been changed from May 22 to August 18. Accordingly, the stock swap and transfer date has also been postponed from June 30 to September 30.
Meanwhile, the amended 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 plan to maintain their existing businesses after the stock swap while strengthening functional cooperation and reviewing additional restructuring plans. However, specific restructuring or listing schedules will be finalized through board resolutions at a later date.
