Yanolja gears up for global IPO on robust Q3 results, CFO appointment

A message on NYSE’s billboards congratulating Yanolja new CFO, Alexandre Ibrahim, from the NYSE

Yanolja, a major hotel booking platform in South Korea, is accelerating preparations for a global initial public offering (IPO) in 2024. The recent appointment of a new chief financial officer (CFO), Alexandre Ibrahim, from the New York Stock Exchange (NYSE) sparked widespread attention, culminating in a congratulatory message on NYSE’s billboards. The push towards a listing follows Yanolja’s record-breaking third-quarter performance where it saw its highest-ever earnings and could be a second enticing proposition for the U.S. IPO market, akin to the company’s previous reception at NASDAQ.

According to sources on Tuesday, the NYSE billboard lit up with congratulations for Alexandre Ibrahim, the newly appointed CFO at Yanolja, on December 8 (local time). The billboard prominently featured a message, “The NYSE congratulates Alexandre Ibrahim on his appointment as Corporate CFO at Yanolja,” accompanied by his photo.

Bringing his extensive expertise from a 23-year tenure at the NYSE, Ibrahim is recognized as an international capital market specialist. His portfolio includes substantial support for global corporate IPOs and capital fundraising across Asia, North America, and South America.

Joining the stock exchange in 1999, Ibrahim initially handled listing support operations in the 2000s and served as the international capital market director, responsible for attracting promising companies from around the world to list on the NYSE, from 2014 until 2022.

The CFO appointment is viewed as a strong signal of Yanolja’s imminent entry into the U.S. stock market. A while ago, a company appointed Goldman Sachs and Morgan Stanley as lead underwriters, signaling its intent to proceed with an IPO.

Market watchers anticipate Yanolja will initiate IPO procedures, beginning with preliminary reviews in 2024. Notably, there have been multiple sightings of Yanolja representatives visiting New York.

“Yanolja’s recruitment of top IPO experts in the U.S. market signifies a push to expedite its entry into the U.S. stock market,” an industry source said. “While there are variables, such as next year’s U.S. elections, it is anticipated that Yanolja will formalize its IPO, and begin preliminary reviews, possibly in the first half of next year or no later than the year-end.”

This active pursuit of an IPO in the U.S. market follows Yanolja’s acquisition of ‘Go Global Travel (GGT),’ an Israeli B2B travel solution company, in May 2023. NASDAQ displayed a congratulatory message and signaled its proactivity in attracting promising global companies, which Yanolja is now a part of.

Yanolja’s sustained appeal within the U.S. IPO market is due to a significant increase in the company’s overseas business and its adeptness at meeting global standards. As proof, Yanolja recorded robust third-quarter results with K-IFRS consolidated sales of 238.7 billion won ($182 million), up 34 percent from 2022 and its highest-ever revenue. The performance was driven by the company’s overseas solution business where sales hit 40.2 billion won, surging by over 200 percent on-year, and significantly contributing to the overall profit, accentuating the company’s growing global presence. The entire cloud segment, including the Korea Solutions business, saw its first quarterly profit with a 112 percent increase in revenue (64.9 billion won), as well as operating profit of 9.2 billion won and adjusted EBITDA of 13.2 billion won.

Yanolja’s sustained revenue growth over the past three years, coupled with its turnaround of the previously deficit-ridden cloud segment, will drive profitability and growth simultaneously. The third-quarter transaction volume surged by 55 percent to top two trillion won, a historic high. This growth is attributable to the phenomenal 349 percent on-year increase in cloud segment transaction volume, fueled by the expansion of its global business.