Overview
- Naver outlined an IPO plan for Naver Financial linked to its planned share swap with Upbit owner Dunamu, according to a new filing.
- The companies will create a joint IPO committee within one year of closing and target a listing within five years, with a possible two-year extension.
- Naver said it will secure investor voting agreements to keep Naver Financial a consolidated subsidiary after the listing.
- The timeline has slipped after an extended Fair Trade Commission review, with the shareholder vote now set for Aug. 18 and closing on Sept. 30.
- A pending Digital Asset Basic Act could cap ownership stakes in crypto exchanges, which may force changes to the deal’s structure or schedule.