Hanryu Holdings, which provides a social networking platform for fans of South Korean culture, filed on Thursday with the SEC to raise up to $35 million in an initial public offering.
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 18.9 million users across more than nine regions as of December 31, 2022. To date, the company has generated revenue from marketing service sales, product sales, and content sales from certain subsidiaries, though it has not yet generated revenue from the FANTOO platform.
The Seoul, South Korea-based company was founded in 2018 and booked $1 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol HRYU. Hanryu Holdings filed confidentially on February 17, 2022. Aegis Capital Corp. is the sole bookrunner on the deal. No pricing terms were disclosed.
