On the 26th, SK Square (CEO Park Jeong-ho) and AppMarket One Store (CEO Lee Jae-hwan), a subsidiary of SK Square and providing various contents such as games, apps, and story contents, filed a preliminary examination application for listing on the Korea Stock Exchange (KOSPI). and announced that they will go public with the goal of an IPO in 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 surplus in 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 the existing business, the app market, it plans to enter into a strategic partnership with Blizzard Entertainment, a large global game company, and release the game ‘Diablo Immortal’, which is currently under development, on the One Store. Blizzard’s ‘Heathstone’ was released on the One Store in the past and had good results, so there is great anticipation.
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.