Naver Financial targets immediate IPO after closing $10.3B Dunamu-Upbit acquisition

Naver Financial's CFO confirmed the company will pursue an IPO immediately after completing its 15.1 trillion won ($10.3B) all-stock acquisition of Dunamu, the operator of South Korea's largest crypto exchange Upbit. The "five-year" IPO window previously reported is just the contractual deadline — the actual target is as soon as the merger closes. Shareholders vote May 22, with the stock exchange set for June 30 pending Fair Trade Commission approval. The combined entity, which posted 55.8% operating margins on 1.56 trillion won revenue last year, is reportedly eyeing a Nasdaq listing that could unlock a $35B+ valuation, especially if its won-pegged stablecoin and GIWA L2 blockchain infrastructure attract global capital.

TLDR by @Benthic

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• IPO
• Acquisition
• Upbit