[THE INVESTOR] Tencent Holdings -- the Chinese internet giant operating WeChat -- is mulling a pre-IPO investment in Korea-based Web-novel platform Munpia, according to The Bell on Dec. 27.
Citing anonymous industry sources, the report said that S2L Partners, a relatively new private equity fund founded by former SBI Investment employees in 2016, visited the Tencent headquarters to discuss the Chinese company’s possible investment.
S2L acquired a 100 percent stake in Munpia in September 2016 for 50 billion won (US$46.50 million), as its first investment, and now looks to raise funds ahead of Munpia’s market debut next year.
Munpia is aiming to list in the first half of 2018. Once listed, it will become the second listed Web-novel platform on the Korean bourses. Munpia’s sales reached 19 billion won in 2016 and 12 billion won in 2015.
By Park Ga-young (firstname.lastname@example.org)