Meatbox Global, which operates the livestock products online platform Meatbox , entered KOSDAQ on the 23rd. In addition, it has completed the public offering process without a hitch, becoming the first company among the initial public offering (IPO) companies this year to be listed on the KOSDAQ market, earning the title of ‘first’ in many ways.
Meatbox Global, established in 2014, has enabled direct transactions between primary wholesalers and retailers through the 'Meatbox' platform, breaking away from the existing livestock distribution structure. By omitting the intermediate distribution process, it has achieved a reduction in distribution stages and cost reduction, and has entered the market stably by resolving issues such as receivable transactions. It operates targeting the B2B market and is maintaining a surplus. Annual sales in 2023 are estimated to have reached KRW 66.9 billion, and cumulative sales in the third quarter of 2024 are estimated to have reached KRW 80.2 billion.
The public offering process also demonstrated high market interest. In the demand forecast conducted for institutional investors in the past, 1,988 domestic and foreign institutions participated, recording a competition rate of 850.0 to 1, and the final public offering price was set at 19,000 won. A total of 89,968 applications were received for Meatbox Global's general subscription, recording a competition rate of 459.07 to 1, and about 1.9 trillion won was raised in deposits alone, succeeding in the event of a sluggish domestic stock market atmosphere, despite concerns about a sluggish atmosphere. Meatbox Global's public offering shares are 1 million shares, and the public offering amount is about 19 billion won.
The future listing strategy has also been specified. Meatbox Global plans to actively expand its overseas business based on the funds raised. Based on the Meatbox platform, it plans to solidify its position in the global market by advancing into Vietnam, Taiwan, and the United States. In addition, it plans to expand its penetration rate in the existing livestock product market, improve its platform service, and build a full cold chain service specialized in meat and food materials that is more robust.
With the news of Meatbox Global's successful listing, there are also expectations that the e-commerce industry will be encouraged to challenge the IPO. Recently, most e-commerce companies have been using deficit growth strategies and have announced their intention to withdraw their listings one after another, which has led to waning interest in the sector as a whole, but the news of Meatbox Global's listing is expected to have a positive impact. Oasis Market, Kurly, and 11th Street have announced that they will pursue listings again at an appropriate time, and among domestic e-commerce companies, Coupang was listed on the New York Stock Exchange in 2021.
Meatbox Global CEO Kim Ki-bong said, “We are delighted to be the first KOSDAQ-listed company this year,” and added, “As a leading player in the livestock B2B platform market, we will grow into a company that sets new standards in the livestock distribution industry through this listing and is recognized in the global market.”
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