South Korean mobility platform SOCAR prepares for IPO

Photo: SoCar's Facebook page

By Heekyong Yang

November 10, 2020

South Korean mobility platform SOCAR said on Tuesday it has sent requests for proposal to brokerage firms in the country for its initial public offering(IPO).

The company provides various services, including car-sharing, ride-hailing, used-car sales, and chauffeurs.

“Although we have submitted our proposals to brokerage firms in South Korea, no details of the IPO timeline or plans have been decided yet,” a SOCAR spokesperson said.

The car ride-sharing startup had said in October it had reached unicorn status, valued at 1 trillion won ($897.38 million), after raising 60 billion won in funding from two private equity firms.

In March this year, the car-sharing company reported that its operating loss more than doubled to 71.6 billion won ($64.20 million) in 2019 from a year earlier. Revenue for 2019 rose more than 60% from a year earlier to 257 billion won.

Reuters

© Copyright DEALSTREETASIA 2014-2021 All rights reserved.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).

A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories.
A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).

A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories.
A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.