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Jeju Beer Co. is set to go public in the first half of this year after securing Korea Exchange's approval of its preliminary listing application filed last November.
Despite being unable to fulfill Kosdaq's market listing requirements, Jeju Beer received approval on Feb. 25 due to the so-called "Tesla policy," which allows companies with strong growth potential, even those in the red, to obtain special listing approval.
Tesla Motors was in a deficit when it went public, going on to achieve monumental success.
To qualify for the policy, a company should have over 30 billion won in market capitalization and more than 10 billion won in revenue.
Also qualified are companies with over 3 billion won in sales and an average growth rate of 20 percent in the last two years.
South Korea’s leading craft beer maker far exceeds the Tesla policy requirements.
Last year, Jeju Beer posted 32 billion won in sales, more than double its 2019 revenue of 13 billion won.
Jeju Beer’s enterprise value is estimated to be around 100 billion won based on September's valuation from its 14 billion won pre-IPO.
The company plans to sell 8.37 million shares or 15 percent of its total holdings.
Jeju Beer, which seeks to use the IPO proceeds for expansion, is set to complete its brewery extension in the first quarter. The expansion would raise its annual production volume nearly sixfold to 20 million liters.
Jeju Beer is the leading South Korean craft beer maker in terms of sales and market share, trailed by The Booth Brewing Co. and Amazing Brewing Company.
Jeju Beer became the first craft beer to be sold in all the top five South Korean convenience stores.It offers unique product designs reflecting Jeju's regional characteristics, alongside unique promotional events and activities that set the company apart from traditional breweries.
