South Korean Mobility Platform SOCAR Prepares For IPO

South Korean mobility platform SOCAR said on Tuesday it has sent requests for proposal to brokerage firms in the country for its initial public offering(IPO).

The company provides various services, including car-sharing, ride-hailing, used-car sales, and chauffeurs.

“Although we have submitted our proposals to brokerage firms in South Korea, no details of the IPO timeline or plans have been decided yet,” a SOCAR spokesperson said.

The car ride-sharing startup had said in October it had reached unicorn status, valued at 1 trillion won ($897.38 million), after raising 60 billion won in funding from two private equity firms.

In March this year, the car-sharing company reported that its operating loss more than doubled to 71.6 billion won ($64.20 million) in 2019 from a year earlier. Revenue for 2019 rose more than 60% from a year earlier to 257 billion won.

Reuters