– SK Square, the first IPO subsidiary since its launch, was selected as One Store… Official IPO promotion with target in the first half of next year
– Blizzard Immortal launch, Kwai Khan investment, platform competitiveness and new business capability enhancement
– Goal to grow a ‘global multi-OS content platform’ beyond the boundaries of regions, devices, OS, and business areas
SK Square (CEO Park Jung-ho, www.sksquare.com) and AppMarket One Store, a subsidiary of SK Square, which provides various contents such as games, apps, and story contents (CEO Lee Jae-hwan, www.onestorecorp.com) announced on the 26th that it submitted an application for preliminary examination for listing on the Korea Stock Exchange (KOSPI) and plans to go public with the goal of the first half of next year.
SK Square officially announced its IPO in the first half of next year, targeting OneStore as the first IPO subsidiary since its launch. One Store was incorporated as a subsidiary of SK Square as SK Telecom was spun off on November 1st. The One Store IPO can be seen as the first step in implementing the launch motto of SK Square, which aims to properly recognize the value of its subsidiaries in the market.
Since its launch in 2016, OneStore has grown into Korea’s representative app market amid competition from global app markets. In 2020, the company succeeded in turning to an annual net profit, recording an operating profit surplus in the first half of 2021, and achieving a 27.8% increase in total transaction volume in the third quarter of 2021 compared to the same period of the previous year, continuing remarkable growth.
While accelerating the growth of existing businesses in the domestic market, OneStore plans to grow into a ‘global multi-OS content platform’ beyond the boundaries of regions, devices and OS (operating systems) and business areas.
First, in order to accelerate the growth of its existing business, the app market, it plans to enter into a strategic partnership with Blizzard Entertainment, a large global game company, and release the currently under development game ‘Diablo® Immortal™’ on the One Store. Blizzard’s ‘Hearthstone®’ was released on the One Store in the past and had great results.
In addition, in July, it made an equity investment in China’s largest webtoon platform, ‘Kwai Khan,’ to prepare a bridgehead for ‘K-Story Content’ to enter the global market. In addition, the company plans to foster the story content business as a new business through the acquisition of Lock Media and the Yes One Studio JV (joint venture).
Recently, it has also announced plans to cooperate with a number of global companies such as Microsoft, Tencent, and Blizzard, drawing attention from the industry.
One Store is currently building a platform to expand its business into the global market, and is taking 2022 as the first year of global business expansion.
Meanwhile, following KT and LG U+ in March, Microsoft and Deutsche Telekom Capital Partners (DTCP), an investment company specializing in Deutsche Telecom, joined as One Store shareholders in June, raising expectations for One Store IPO. The listing organizers are NH Investment & Securities and KB Securities, and SK Securities is the co-host.
|By Kim Young-hoon, staff reporter [email protected]|