Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

Softbank has boosted its Vision Fund 2 commitments to $40bn even as a series of recent investments have been concurrent with IPOs or just before. These are effectively investments in public equities, nominally what Northstar covers, but with some optionality on a valuation pop if demand is high although that has not happened so far. Confirmation today of a $1.7bn investment in Korean online travel firm Yanolja appears to be an extension of this trend. The series of late-stage investments also highlights a lack of activity at VF2’s collection of SPACs which were created with these kinds of targets in mind. China weakness appears to be settling but Softbank shares remain range-bound at a mid-40% discount to underlying public values.

Softbank has boosted its Vision Fund 2 commitments to $40bn even as a series of recent investments have been concurrent with IPOs or just before. These are effectively investments in public equities, nominally what Northstar covers, but with some optionality on a valuation pop if demand is high although that has not happened so far. Confirmation today of a $1.7bn investment in Korean online travel firm Yanolja appears to be an extension of this trend. The series of late-stage investments also highlights a lack of activity at VF2’s collection of SPACs which were created with these kinds of targets in mind. China weakness appears to be settling but Softbank shares remain range-bound at a mid-40% discount to underlying public values.

Softbank Group - Vision Fund 2’s Late-Private Investments Blur the Lines with Northstar

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

Yanolja is a leading accommodation booking platform in Korea. Yanolja is getting ready to complete an IPO in 2021. <a href="http://www.theinvestor.co.kr/view.php?ud=20190612000473" target="_blank" rel="noopener">Yanolja</a> became a unicorn in June 2019 when it received a $180 million Series D round investment valuing the company at more than $1 billion. The major investors including GIC and Booking Holdings. The local media have mentioned that the current<a href="https://www.sedaily.com/NewsView/1ZAGFGDRK0" target="_blank" rel="noopener"> value</a> of Yanolja could be close to about 2 trillion won ($1.8 billion). 
Yanolja was originally established in 2005 as an online community specializing in the Korean motel sector. It later expanded into booking services for motels, hotels, and leisure activities. The company has more than 12 million people in Korea using its platform. It currently offers accommodations reservations in more than 160 countries globally.

Yanolja is a leading accommodation booking platform in Korea. Yanolja is getting ready to complete an IPO in 2021. Yanolja became a unicorn in June 2019 when it received a $180 million Series D round investment valuing the company at more than $1 billion. The major investors including GIC and Booking Holdings. The local media have mentioned that the current value of Yanolja could be close to about 2 trillion won ($1.8 billion). 
Yanolja was originally established in 2005 as an online community specializing in the Korean motel sector. It later expanded into booking services for motels, hotels, and leisure activities. The company has more than 12 million people in Korea using its platform. It currently offers accommodations reservations in more than 160 countries globally.

Yanolja Unicorn Gets Ready for an IPO in Korea - "Love Hotel" App Goes Mainstream

South Korea

Yanolja Co., Ltd. provides online accommodation services. The Company offers motels, pensions, guesthouses, and other accommodations information search and reservation services. Yanolja also offers budget hotel franchise and travel and date course services.

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Yanolja (1521384D KS)

Softbank Group - Vision Fund 2’s Late-Private Investments Blur the Lines with Northstar

A series of VF investments at or just before the IPO seem to overlap with Northstar's role whilst highlighting a lack of SPAC activity. Meanwhile, ...

Kirk Boodry

Yanolja Unicorn Gets Ready for an IPO in Korea - "Love Hotel" App Goes Mainstream

Yanolja, a leading accommodation booking platform in Korea, is getting ready to complete an IPO in 2021. The major investors of Yanolja include GIC...

Douglas Kim

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