Samsung Securities, which was selected as one of the underwriters for Yanolja’s KOSPI listing last November along with Mirae Asset Securities, is therefore feared to suffer additional misfortune from the hotel booking app operator’s envisioned IPO on the Nasdaq.
Although Yanolja has maintained the stance that details about its listing overseas, such as the specific region, have not been decided on yet, a growing number of market insiders expect the company to choose the Nasdaq over the KOSPI, based on an investment as high as 2 trillion won ($1.8 billion) from SoftBank Vision Fund.
A Yanolja spokesman has denied news reports about his company’s ongoing negotiations with the investor, saying the only fact is that it has received offers from multiple foreign brokerages regarding listing overseas.
However, the denial has been seen by many as an attempt to comply with non-disclosure agreements until the deal is closed.
Yanolja has yet to hire a foreign underwriter for its overseas IPO, although Morgan Stanley has been regarded as the strongest candidate.
If Yanolja drops its plan to go public here, Samsung Securities and Mirae Asset Securities will lose their underwriter status and the opportunity to earn billions of won in commissions, regardless of their spending on the app operator’s listing.
A Samsung Securities spokeswoman said the possible contract cancellation will have a limited impact on the company because it has already signed contracts for large-scale IPOs this year with KakaoPay and HK inno.N.