Viva Republica, the South Korean company behind the Toss financial super-app, has shelved plans for a domestic initial public offering and is instead pursuing a listing on a United States exchange, according to reports on 29 October 2024 citing investment banking sources.
Viva Republica's enterprise value has been estimated at 10 trillion to 20 trillion won ($7.2 billion to $14.4 billion), and the company operates across a wide range of financial services in South Korea, including banking, payments, insurance and brokerage.
VALUATION CONCERNS
Toss reportedly concluded that it would not receive a fair valuation in Korea given the lack of comparable listed fintech companies.
LISTING TIMELINE
No official timeline has been announced, though people familiar with the matter said the company planned to choose IPO managers by the end of 2024 for a Nasdaq or NYSE debut in the second half of 2025 or early 2026. Viva Republica has not disclosed updated financial details.