South Korean tech giant Naver and Dunamu, the operator of the Upbit cryptocurrency exchange, have detailed a strategic plan to pursue an initial public offering (IPO) for their combined fintech entity, Naver Financial. This follows a previously announced $10.3 billion all-stock share swap deal where Naver Financial will acquire Dunamu.
The corrected regulatory filing outlines a structured path toward a public listing. The companies have agreed to form an IPO committee for Naver Financial within one year of closing the share swap transaction. The target is to complete the IPO within five years, with a possible two-year extension, positioning the listing at the fintech-parent level rather than as a standalone listing for Upbit's parent company.
Naver plans to secure voting rights to ensure Naver Financial remains a consolidated subsidiary post-deal, maintaining control. However, both companies emphasized that no final decisions have been made regarding proceeding with the IPO, its timing, or its structure. The plan remains conditional and subject to market conditions, board approvals, and regulatory developments, including South Korea's forthcoming Digital Asset Basic Act.
The share swap timeline has already faced delays, with Naver rescheduling its shareholder meeting to August and pushing the deal's completion to late September due to reviews by South Korea's Fair Trade Commission. Dunamu's 2025 financial performance added context, with revenue falling about 10% year-on-year to 1.56 trillion won ($1.2 billion) and operating profit dropping 26.7% to 869.3 billion won, which the company attributed to reduced crypto trading volumes amid a broader market slowdown.
