South Korea’s largest travel app Yanolja Co. is in talks with banks to go public through a dual listing in Seoul and overseas, people with knowledge of the matter said, joining a growing cohort of startups seeking higher valuations abroad.
The company is aiming for a value of more than USD 4 billion, one of the people said, confirming previous reports in Korean media. Yanolja, which is also the world’s largest property management software provider after Oracle Corp., is still exploring options and the size and location of its IPO have not yet been finalized, according to the people, who asked not to be identified as the discussions are private.
Backed by Singaporean sovereign wealth fund GIC Pte and Booking Holdings Inc., Yanolja has been expanding its business to include leisure activities and transportation reservations along with hotel bookings. With its acquisition of Indian lodgings management platform eZee Technosys in 2019, the startup says it is now the world’s largest cloud-based hotel management solution provider. The company is expected to report its sales grew in 2020 -- despite the coronavirus outbreak’s effects on the travel industry -- when it reports full-year earnings this month.
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