S Korea's 'unicorn' numbers soar, ignite hopes of more blockbuster IPOs

HONG KONG : South Korean startups are attracting record levels of cash from private investors, leading to the number of "unicorns" in the country doubling over the past three years and setting the stage for more blockbuster stock listings like Coupang Inc. Just this week Kurly Inc, which operates online grocery service Market Kurly, announced it raised 250 billion won from Anchor Equity Partners as it concluded its investment rounds prior to an initial public offering , giving it a valuation of 4 trillion won. Seoul's bustling IPO market, among the most active in the world this year, and high-profile deals such as e-commerce company Coupang's US$4.6 billion U.S. listing in March, are prompting investors to lock in private funding earlier than in the past. Venture capital investments in South Korea in the third quarter were estimated at 2.07 trillion won, the biggest quarterly figure since data collection began in 1986 and a two-thirds jump over the year-ago period, according to data from the ministry for small- and medium-sized enterprises and startups.