Following its biggest rival, Market Kurly footsteps, South Korea’s number two fresh food next-morning delivery platform Oasis Market is planning to go public soon. As per industry reports, Oasis Market is preparing to file for a preliminary review with the country’s sole stock market operator Korea Exchange in early May for its listing on its secondary Kosdaq market.
KRX notifies the evaluation result to an initial public offering (IPO) applicant 45 days after the preliminary review filing, which means that Oasis Market may be able to proceed with its market debut in July upon approval.
Korean startup Oasis Market, a fresh food “dawn delivery” service, started with offline shops and then jumped into the online market in 2018. Although it is a latecomer in the online market, Oasis has successfully linked its online platform with a massive offline shop network. Oasis Market’s corporate value is estimated at 3 trillion won ($2.4 billion). It secured investment from Home and Shopping Co. in February 2022.
Oasis Market’s operating profit amounted to 5.7 billion won ($4.49 million) in 2021 on 357 billion won. Although its operating income last year was slightly down from the previous year, it has been on the gaining track for the past ten years. The startup has focused on product competitiveness through its offline network, resulting in a repurchase rate of 80/90 percent. It has also been stringent on marketing expenses and reducing costs.
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