South Korean blockchain company ICONLOOP is gearing up to file for an initial public offering (IPO), according to a report by South Korean business news portal Pulse.
According to the report, ICONLOOP has hired Mirae Asset Daewoo to proceed with the filing process. The blockchain giant aims to list itself on the Korean technology-oriented stock exchange KOSDAQ.
The report also detailed that the firm is pushing hard to complete the process and go public by as early as next year. It is capitalizing on the fast-track procedure that exempts South Korean companies with promising technologies from typical market formalities and guidelines in capital and income.
However, the company has to pass the technology test first before applying for a preliminary review for IPO with the Korean Exchange.
ICONLOOP will start the full due diligence and technology evaluation process during the first half of this year, according to the report.
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IPO After an ICO
The South Korean blockchain giant is one of the few companies around the world considering to list itself publically even after a successful fundraising event via initial coin offering (ICO).
In September 2017, when the ICO market was at its peak, ICONLOOP raised around $115 million by selling the platform’s native ICX token and became the fourth-largest ICO at that time.
Founded in 2016, the Seoul-based company is led by computer scientists from the country’s research university Postech. The firm has developed a blockchain-based authentication system called “Chain ID” which is used by financial institutions. It has also collaborated with many entities including Seoul Metropolitan Government, National Election Commission, and Kyobo Life Insurance to properly mold the project.
The company also has many other well-known blockchain products including ICON and LoopChain.
Go for Public Listing
ICONLOOP is neither the first and likely not the last blockchain company to explore the options for an IPO. South Korea’s largest crypto exchange Bithumb is also pushing for a public listing in the US market via a reverse merger with a public company in the US.
The miner manufacturing companies, on the other hand, is attempting to list themselves for a while now. Bitmain’s application is still pending with the Hong Kong Stock Exchange while its competitors Canaan Creative and Ebang International are also looking into ways to go public.