SEOUL — South Korean beauty product and service company APR Corp. has received an 80-billion-won ($6.1 million) investment through a pre-initial public offering investment process after investors evaluated the company to have a company value of about 700 billion won.
APR, founded in 2014, is a “beautytech” company with various brands in the cosmetics sector — Medicube, Aprilskin, AGE-R, and Forment — and fashion and entertainment sectors — Nerdy (APR Fashion) and Photogray Oreazin. The company is well-known for its home beauty care product AGE-R, handheld derma therapy devices designed to improve the skin and provide anti-aging effects.
According to the South Korean beauty product and service company, some 700,000 units of AGE-R beauty devices have been sold as of February 2023 since they were released two years ago. Accumulated sales of about 150 billion won were recorded. APR currently sells about 200,000 units of beauty devices every year in countries including South Korea, the United States, Japan, China, Hong Kong, and Singapore. The beautytech company plans to tap the South American and European markets in a bid to attract more customers.
South Korea’s Financial Supervisory Service’s electronic disclosure system showed on March 13 that APR raised eight billion won in a pre-IPO investment. NH-Soo Investment Innovative Growth M&A Investment Association, SJ Partners, and IBK Corporate Bank participated in the investment. The investors analyzed that APR’s capability to develop and nurture beauty-related technologies boosted the company’s value. The company opened a beauty device research and development center called “ADC” in January while acquiring some 30 kinds of patents.
Through the pre-IPO investment funding, APR will accelerate its investment into the beauty device businesses to strengthen its development capability. The company aims to set up a stable and innovative “vertical process” supply system that connects every process including product development, production, and distribution.
“Through this investment, APR will set a footstone to become a unique company with strong capabilities in innovative beauty device development and product supply,” an APR official said in a statement. The official added that the company will continue to increase its company value to trillions of won.
APR is currently gearing up to list on the South Korean stock market, with a target submission period for undergoing screening in preparation for going public set for Q3 2023. The company appointed Shinhan Securities as the lead underwriter for the IPO in November 2022.
Source: Aju Business Daily