Gate News message, April 16 — Naver plans to pursue an initial public offering for Naver Financial following a share swap with Dunamu, an operator of a major crypto exchange, with the companies targeting a listing within five years of the deal’s close. The timing and structure remain subject to market conditions and regulatory developments.
According to a corrected regulatory filing dated April 15, a shareholder agreement requires the parties to establish an IPO committee within one year after the share swap closes. If an IPO does not occur by the fifth anniversary, the timeline can extend by up to two additional years, allowing up to seven years total from completion. Naver will maintain control of Naver Financial through voting rights agreements with investors.
The deal comes as South Korea’s proposed Digital Asset Basic Act may reshape transaction structures or timing. Policymakers have also discussed a rule capping a major shareholder’s stake in a crypto exchange at 20%, which could require changes to deal terms. The transaction follows Dunamu’s weaker 2025 results, with operating profit declining 26.7% year-on-year to 869.3 billion won (approximately $591 million) amid slower trading volumes.
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