April 24, 2024

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[THE INVESTOR] Video chatting app operator Hyperconnect’s plan to go public is picking up speed as it is expected to soon select partners to lead the initial public offering in Korea.

The Seoul-based startup received applications from brokerages to handle the IPO process on March 23, according to news reports. 

“The company has received a great deal of attention from investors as it has already proved its potential in the global market,” said an industry source, adding “It will be highly valued by the brokerages.”

Hyperconnect was established in March 2014 by CEO Samuel Ahn, who used to work for game portal company Neowiz. Its mobile live video chatting app Azar, which allows random live chats among users in 230 nations, has been enjoying a huge popularity with the number of application downloads surpassing 100 million. The app utilizing Google’s voice translation technology enables users to communicate without any language barrier.

Some 30 billion live video chats took place through the app since the launch of the service in 2015. Its revenue increased 30 times from 2.1 billion won (US$1.97 million) in 2014 to 63 billion won in 2017 and the figure is expected to exceed the 100 billion mark this year. More than 90 percent of its revenue comes from the global markets.

By Kim Young-won (wone0102@heraldcorp.com)