Naver-Dunamu filing sets IPO committee, listing timeline for fintech group

The corrected filing details timeline, caveats and conditions tied to a potential Naver Financial IPO after the Dunamu share swap deal.

South Korean tech company Naver and Upbit operator Dunamu said in a corrected filing that their planned share swap includes forming an initial public offering (IPO) committee for Naver Financial within one year of closing, outlining a path toward a future listing. 

The disclosure, outlined in the corrected filing on Wednesday, said the companies would pursue a listing within five years, with a possible two-year extension. Naver said it plans to secure voting rights in Naver Financial so the fintech unit remains a consolidated subsidiary after the deal.

The filing suggests the deal goes beyond a simple ownership change, outlining a structure that could eventually bring Upbit’s parent under a listed fintech group. The move indicates Naver and Dunamu are positioning any future South Korea listing at the fintech-parent level rather than through a standalone listing of Upbit’s parent.

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