Hanryu Holdings, which provides a social networking platform for fans of Korean culture, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed financials for the three months ended March 31, 2023.
The Seoul, South Korea-based company now plans to raise $7 million by offering 0.7 million shares at a price range of $9 to $11. The company had previously filed to offer 3.6 million shares at the same range. At the midpoint, Hanryu Holdings will raise 80% less in proceeds than previously anticipated. The IPO float is just 1.4% 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. 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.
Hanryu Holdings was founded in 2018 and booked $1 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol HRYU. Aegis Capital Corp. is the sole bookrunner on the deal.
