April 26, 2024

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[THE INVESTOR] Korea-based IMM Investment saw more than 400 percent returns from its investment in Korea’s web platform provider cafe24, industry sources said on April 30.

IMM acquired 3 billion won (US$2.80 million) worth shares of cafe24 in March 2017 as a pre-IPO investment. At the end of April, IMM offloaded all of its holdings in cafe24 for 15.5 billion won. IMM’s return on investment, profit divided by the cost of the investment, stood at a whopping 430 percent. 

Cafe24 went public in February as the first company under the so-called “Telsa Standard,” which allows listing of promising companies that have not yet posted significant profits. Shares of the web platform provider rose to 132,400 won, from the listing price of 57,000 won, on Feb. 8.

With about 2.2 trillion won assets under management, IMM operates 25 funds -- both blind and secondary funds. It hit another jackpot with its investment in Celltrion Healthcare in 2017, by making 215 billion won from an investment of 130 billion won.

By Park Ga-young (gypark@heraldcorp.com)