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Yanolja's ties with Citigroup could unnerve Morgan Stanley


Yanolja s ties with Citigroup could unnerve Morgan Stanley
Posted : 2021-05-25 16:44
US firms may compete to handle Korean app operator s IPO
By Park Jae-hyuk
The strategic partnership signed between Yanolja and Citibank Korea last Friday has been seen by market insiders as Citigroup s initial effort to take part in the hotel booking app operator s listing on a foreign stock market.
This has also been regarded as a potential threat to Morgan Stanley, which has long been viewed as the strongest candidate to become a foreign underwriter for the Korean firm s planned initial public offering (IPO) overseas.
Both Yanolja and Citibank Korea explained that their latest partnership was merely intended to help the former expand its presence in the global market using Citigroup s worldwide network and to enable the bank to offer global payment services specialized for the hospitality industry. ....

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Delivery app Yogiyo bidders narrowed to Shinsegae, PEFs


Compared with the rivals Baemin and Coupang Eats, Yogiyo has been losing market share. Its buyer will likely need to make a substantial investment, he said.
From the perspectives of PEFs, it seems uncertain whether Yogiyo can enhance its corporate value over the next four to five years. It remains to be seen whether the shortlisted candidates will enter the final bidding round, he added.
Baemin commands 66% of the food delivery service market in South Korea, followed by Yogiyo with 17.9% and Coupang Eats with 13.6%, according to the Global Bigdata Research, a Korean data provider.
BUILDING IT INFRASTRUCTURE
Global PEF managers admitted to the difficulty of assessing Yogiyo s value. The biggest problem is how to build an IT infrastructure for the delivery app from scratch once it is separated from the German delivery giant, and how much it would cost. ....

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