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The Korea Herald
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THE INVESTOR
March 30, 2024

Retail & Consumer

Korean juicer maker Hurom drops IPO plans

  • PUBLISHED :April 18, 2018 - 14:29
  • UPDATED :April 18, 2018 - 14:29
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[THE INVESTOR] Korean juicer maker Hurom is unlikely to go public in the near future having dropped its initial plans three years ago, according to local reports on April 18.

“After 2015, we have not made any plans for an initial public offering. Although, we did post an operating profit in the first quarter this year,” Hurom spokesperson Kim Jung-min told The Investor.

 



At that time, the company had reportedly picked KTB Investment & Securities and Shinhan Investment as IPO managers. The company’s sales surged dramatically due to its growth in Chinese market in 2015, and it posted 230.8 billion won (US$216.30 million) revenue with an operating profit of 15.7 billion won. Hurom was expected to get listed without much difficulty, and the company value had been estimated at around 500 billion won.

However, the following year it started posting operating losses due to political tensions between Seoul and Beijing over the deployment of THAAD. Revenue fell more than 40 percent from 162.2 billion in 2016 to 92.9 billion last year, while its operating loss rose by 2.4 billion won to 21.2 billion won.

Under the circumstances, it won’t be easy for the company to go public in the near future despite some improvement in China, according to industry sources.

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

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