이 기사는 2021년 12월 22일 07:59 thebell 에 표출된 기사입니다.

Stonebridge Ventures is planning to go public in the first quarter of next year at a valuation of up to 190 billion won ($159 million).

The Seoul-based venture capital firm has recently received a nod from the Korea Exchange for its initial public offering on the country’s junior Kosdaq bourse, about two month after filing preliminary documents in October.

The firm is working with its lead managers, KB Securities and Samsung Securities, to file a registration statement with the Financial Supervisory Service in January, with a target of listing in the first quarter of 2022.

Stonebridge Ventures plans to sell 4.5 million shares in the IPO, or about a quarter of the total number of shares to be listed. It is likely that about 40% of these shares will be a fresh issue of shares, with an offer for sale from existing shareholder FV Holdings accounting for the rest.

Stonebridge Ventures was split off from Stonebridge Capital in May 2017, with a 97% stake in the firm owned by FV Holdings. The venture capital firm had over 700 billion won in assets under management at the end of June this year with more than 15 active funds.

Its revenues are mostly generated from management and performance fees, with an average annual operating profit margin of 50%. 2020 was a record year for the firm, which recorded an operating profit of 14.7 billion won and an operating profit margin of 60%.

The firm’s proposed price range of 9,000 won to 10,500 won per share suggests a company valuation of between 160 billion won and 190 billion won.

It is said that Stonebridge Ventures estimated its value by using the price-to-earnings (P/E) multiple. Given the average P/E ratio of 11-12 times for publicly traded venture capital firms in South Korea, Stonebridge Ventures’ annualized net profit is estimated to be 15 billion won to 20 billion won.

Clouding investor outlook on the venture capital industry is one of the challenges facing the firm as it prepares for the IPO. South Korean venture capital firm KTB Network’s listing earlier this month attracted tepid investor interest, with its IPO price set at the lower end of the price range.

Of 15 venture capital firms listed on the local stock exchange, about six firms have more than 200 billion won in market value. Based on Monday’s closing prices, KTB Network had a market capitalization of 553 billion won, Aju IB Investment of 484.5 billion won, Mirae Asset Venture Investment of 377.5 billion won, SBI Investment of 262.5 billion won and Atinum Investment of 244 billion won. (Reporting by Chul Kang)