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Oasis completes 50-for-1 stock split before planned IPO Grocery delivery platform poised to apply for preliminary IPO review

Translated by Kim So-in 공개 2022-05-12 07:43:44

이 기사는 2022년 05월 12일 07:41 더벨 유료페이지에 표출된 기사입니다.

South Korea’s grocery delivery platform Oasis has completed a stock split ahead of its planned initial public offering (IPO) on the country’s junior Kosdaq market.

Oasis completed a 50-for-1 split on May 3, according to industry sources. The split has increased the number of issued shares by 50 times from 510,913 to more than 25.54 million and put the face value at 100 won per share from 5,000 won.

A stock split or a bonus issue is considered the last step before submitting a preliminary IPO review request. Oasis now needs to convert convertible preferred stock and convertible bonds into common stock.

Investors including Must Ventures own 815,350 convertible preferred stocks after the split. Korea Investment Partners holds 12.6 billion won ($9.87 million) worth of convertible bonds and Kakao Investment owns convertible bonds worth 5 billion won based on the face value. The conversion of convertible bonds is possible before their maturity and convertible preferred stocks issued in April 2021 can also be converted into common stock.

Oasis said nothing has been decided regarding the conversion. The company may proceed with the listing without completing the conversion. Oasis has suspended the trading of its shares due to the split and the conversion into common stock may begin after May 16.

Investors in convertible preferred stock and convertible bonds won’t be able to exit their investments via the IPO if the conversion is not completed before the market debut. The investors are reportedly not planning exits in the near future.

Market insiders are paying attention to whether IPOs of Oasis and its bigger rival Kurly will overlap. Kurly applied for a preliminary review for its IPO at the end of March but hasn’t received results yet.

Analysts said the timing of the companies’ IPO is not going to have a big impact on the subscription results. “The most important thing at this point is market conditions at the time of their bookbuildings amid a series of IPO withdrawals,” an industry source said. (Reporting by Yoon-shin Choi)
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