S.Korea online grocery service Kurly plans IPO this year - spokesman

SEOUL, March 12 (Reuters) - South Korea’s Kurly Inc, which operates online grocery service Market Kurly, plans an initial public offering (IPO) this year, but has not decided on a venue yet, which could include South Korea or the United States, a spokesman said on Friday.

Kurly, which launched its service in 2015, saw about 1.2 trillion won ($1.06 billion) in transactions in 2020, and made the decision to pursue a listing this year to take advantage of the favourable IPO market and secure sizable funds to beat rivals in the competitive South Korean e-commerce market, the spokesman said.

It has yet to decide on a venue, and will consider where it can receive the best valuation and meet listing requirements, the spokesman added.

The news was reported by the Wall Street Journal earlier on Thursday.

The development follows South Korea’s largest e-commerce company Coupang being valued at around $109 billion in its market debut on Thursday, after raising around $4.6 billion in the biggest U.S. initial public offering this year.

$1 = 1,129.6600 won Reporting by Joyce Lee; Editing by Michael Perry