April 27, 2024

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[THE INVESTOR] Korean premium massage chair brand Bodyfriend plans to launch an initial public offering next year, three years after its last attempt, according to industry sources on Oct. 23.

The company will hold meetings with securities firms, including Mirae Asset Daewoo and Samsung Securities, this month to choose an IPO deal manager for its KOSDAQ debut, sources said. 

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The firm had picked Korea Investment & Securities as a deal manager in 2014 and tried to get listed. However, the IPO process was suspended as a consortium led by Korean private equity fund VIG Partners acquired Bodyfriend for 300 billion won (US$261.37 million).

Over the last few years, its sales have grown dramatically from 143.8 billion in 2014 to 366.4 billion won last year. According to industry sources, the unlisted stocks of Bodyfriend are currently valued at around 140,000 won.

The firm also has been focusing on expanding its business abroad, seeking to enter the US and China. Its Lamborghini-themed massage chair is expected to launch in the US next year.

“We do not have any official comments related to IPO listing to offer now,” an official told The Investor.

Established in 2007, Bodyfriend is the leader in Korea’s high-end massage chair industry with a market share of around 66 percent.

By Song Seung-hyun (ssh@heraldcorp.com)