이 기사는 2021년 04월 13일 07:59 thebell 에 표출된 기사입니다.

Mesh Korea, which operates food delivery services platform Vroong, plans to raise the amount of capital increase from the originally planned 50 billion ($44 million) amid mounting interest in the non-face-to-face business and the mobility industry.

Mesh Korea is in talks with multiple strategic and financial investors about its planned capital hike, industry sources said on Friday. It is said that potential investors are sequentially having interviews with CEO Yoo Jung-beom.

Mesh Korea initially planned to raise 50 billion won, which is the same amount as a rights offering which was promoted early 2020. Back then, Mesh Korea hired Samjong KPMG to handle the process and was in talks with several strategic investors, although the plan fell through.

However, views on Mesh Korea have significantly changed this year, with many showing interest in the capital hike plan. Thanks to heightened interest, Mesh Korea has decided to raise 100 billion to 150 billion won, 2~3 times larger than it had planned.

A successful U.S. public market debut of ecommerce giant Coupang is believed to have an impact on the market perspectives on the company. Coupang’s market capitalization hit $88 billion after its listing.

The fact that Mesh Korea operates both two- and four-wheeled vehicles, which could generate synergy with the mobility sector, may also appeal to potential investors.

“After the Coupang's initial public offering, the favorable views on the non-face-to-face industry have sharply increased,” said an industry source, adding, “Mesh Korea is one of the beneficiaries.”

However, a valuation gap between Mesh Korea and potential investors could be an issue. Mesh Korea reportedly wants to be valued at 1 trillion won for the capital hike, about 2.5 times higher than its enterprise value one-and-a-half years ago, which was around 400 billion won.

Mesh Korea’s enterprise value is likely to be calculated based on its price-to-sales ratio. Its sales have increased from 73.1 billion won in 2018 to 161.5 billion won in 2019 and 256.4 billion won in 2020.

Market insiders agreed that Mesh Korea’s sales are growing fast, but said its enterprise value of 1 trillion won is too high. “I agree that its sales have increased thanks to the booming non-face-to-face industry, but I’m not sure if the company is worth 1 trillion won,” said an industry source. “Financial investors, which have to take exits into account, will be careful in making their bets.”

"Mesh Korea is said to be in talks with Korea Development Bank as well,” said a second industry source, adding, “It seems the bank advocates that it can never make an investment based on an enterprise value of 600 billion won or more.” (Reporting by Byung-yoon Kim and Si-eun Park)