South Korean tech firm Naver and Upbit operator Dunamu mentioned in a corrected submitting that their deliberate share swap contains forming an preliminary public providing (IPO) committee for Naver Monetary inside one yr of closing, outlining a path towards a future itemizing.
The disclosure, outlined within the corrected submitting on Wednesday, mentioned the businesses would pursue an inventory inside 5 years, with a doable two-year extension. Naver mentioned it plans to safe voting rights in Naver Monetary so the fintech unit stays a consolidated subsidiary after the deal.
The submitting suggests the deal goes past a easy possession change, outlining a construction that might ultimately deliver Upbit’s father or mother below a listed fintech group. The transfer signifies Naver and Dunamu are positioning any future South Korea itemizing on the fintech-parent stage moderately than by way of a standalone itemizing of Upbit’s father or mother.
Nevertheless, Dunamu mentioned no particular selections have been made on whether or not to proceed with the IPO or on its timing or construction. It added that the deal stays topic to regulatory approvals that might nonetheless delay or derail the transaction.
Naver Monetary’s plans to amass Dunamu have been first reported in September 2025 by native shops together with Yonhap and Chosun, which mentioned the corporate was getting ready a share swap to deliver the Upbit operator below its umbrella. Naver later confirmed the transaction in a November regulatory submitting, outlining a roughly $10.3 billion all-stock deal.
Investor settlement units IPO framework, management phrases
The submitting mentioned Naver, Dunamu and associated events entered into an investor settlement tied to the share swap, below which they agreed to make use of their “finest efforts” to pursue a future itemizing of Naver Monetary after the transaction closes.
The settlement kinds the premise for post-deal restructuring, together with preparations for a possible IPO.
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The submitting described the itemizing plan as conditional, noting that key components, together with timing, construction and execution, will rely on market circumstances and regulatory developments. It added that extra detailed plans could be disclosed if and when formal selections are made.
The up to date disclosure follows a roughly three-month delay to the Naver and Dunamu share swap deal timeline.
It additionally comes as Dunamu reported weaker working efficiency in 2025, with income falling about 10% year-on-year to 1.56 trillion gained ($1.2 billion) and working revenue dropping 26.7% to 869.3 billion gained, which the corporate attributed to decreased crypto buying and selling volumes throughout a broader market slowdown.
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