Hanryu Holdings, which provides a social networking platform for fans of Korean culture, raised $9 million by offering 0.9 million shares at $10, as expected. The IPO float is just 1.7% of basic shares outstanding.
Hanryu Holdings provides the social media platform FANTOO, an online global playground for fans of South Korean culture, also known as the Korean Wave, or Hanryu. Though the company anticipates expanding into additional entertainment genres, the Korean Wave is the current basis of FANTOO. FANTOO's launch included a rollout of messenger, community, and club technologies, along with a reward system for users. Since FANTOO's launch in May 2021, the platform has attracted over 26.6 million users across more than 10 regions as of March 31, 2023.
Hanryu Holdings plans to list on the Nasdaq under the symbol HRYU. Aegis Capital Corp. acted as sole bookrunner on the deal.
