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South Korean Travel App Yanolja Eyes $400 Million in US IPO
Yanolja Co., a South Korean travel app backed by SoftBank Group Corp., is reportedly aiming to raise $400 million through an initial public offering (IPO) in the United States, according to sources familiar with the matter. The Seoul-based startup's offering, which may launch as early as July, could potentially value the company between $7 billion and $9 billion. Goldman Sachs Group Inc. and Morgan Stanley are expected to lead the IPO.
IPO Plans and Valuation
The details of the IPO are still subject to change, and no final decision has been made yet, the sources said, requesting anonymity due to the private nature of the information. Some aspects of Yanolja's planned listing were previously reported by local media outlets such as the Korea Times and Invest Chosun. Representatives from Yanolja, SoftBank, and the leading banks declined to comment on the matter.
SoftBank's Investment Strategy
Yanolja is the latest in a series of SoftBank-backed companies preparing to enter the public market. This move comes as SoftBank founder Masayoshi Son shifts focus towards artificial intelligence and related technologies. Recently, SoftBank took Arm Holdings Plc public in the US, netting around $5 billion, although it still retains a majority stake in the chip designer. SoftBank’s Vision Fund II invested about $1.7 billion in Yanolja back in 2021.
Expansion and Acquisitions
Founded in 2005, Yanolja has significantly expanded its footprint. Last year, it acquired Israeli technology provider Go Global Travel Ltd., positioning itself as one of the world's largest travel platforms. Beyond just consumer trip bookings, Yanolja has been expanding its cloud services targeted at the hospitality and leisure industries, placing it in competition with key players like Airbnb Inc. and Expedia Group Inc.
Strategic Moves and Leadership
Yanolja has also made strategic moves to bolster its presence in the North American market. Last year, it brought on board former New York Stock Exchange executive Alexandre Ibrahim as its corporate chief financial officer. Additionally, the company established a US office in Manhattan in March as a key hub for its North American expansion. This New York office is the company's 50th overseas location.
With these moves, Yanolja is positioning itself as a formidable player in the global travel industry, leveraging SoftBank's backing and its own strategic expansions and acquisitions to fuel growth and innovation.
