The Naver-Dunamu Offering IPO Committee has set up a listing window.
South Korean technology company Naver and Appbit operator Dunamu said in an adjusted filing that their planned stock exchange includes establishing an initial public offering (IPO) committee for Naver Financial within a year, outlining a path to a future listing.
The official statement, disclosed in an amended filing on Wednesday, said the companies will continue to list in five years with two-year extensions. Naver said it plans to retain voting rights in Naver Financial so the fintech division will remain a consolidated subsidiary after the deal.
The filing suggests the deal will go beyond a simple ownership change, revealing a structure that could eventually bring Appbit's parent under the listed fintech group. The move indicates that Naver and Dunamu will be on Upbit's parent list instead of placing any South Korean listings at the fintech-parent level.
However, Dunamu said no specific decision has been made on whether to proceed with the IPO or its timing or structure. The deal remains subject to regulatory approvals that could delay or hinder the transaction, he added.
Naver Financial's plan to acquire Dunamoun was first reported in September 2025 by domestic outlets including Yonhap and Chosun, which said the company was preparing a stock exchange to bring the Appbit operator under its umbrella. Naver later confirmed the transaction in a November regulatory filing, listing the all-stock deal at about $10.3 billion.
The Investors Agreement sets out the IPO framework, regulatory terms.
The filing said Naver, Dunamu and related parties have entered into an investor agreement related to the stock exchange, under which they agree to use their “best efforts” to track Naver's future financial listing after the transaction closes.
The deal will form the basis for a post-deal restructuring, including preparation for an IPO.
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The filing described the listing plan as conditional, noting that key factors, including timing, structure and performance, will depend on market conditions and regulatory developments. More detailed plans will be revealed if and when formal decisions are made, he added.
The updated announcement follows a three-month delay in the timeline for the Naver and Dunamu mutual exchange agreement.
Dunamu also reported a weak performance in 2025, with revenue falling 10% year-on-year to 1.56 trillion won ($1.2 billion) and operating profit falling 26.7% to 869.3 billion, as the company reduced its crypto trading volume amid a broader market slowdown.
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