ICONLOOP rumoured to consider IPO

Posted 27 February, 2019

South Korean blockchain-based company ICONLOOP is rumoured to be getting ready for an IPO.

According to the local media reports, the project will contract a brokerage firm Mirae Asset Daewoo for the development and realization of its IPO plans. The ICONLOOP IPO will allegedly be held on the Korean stock exchange KOSDAQ which focuses on operations with shares of technology companies.

The company is actively working on completing the process and may acquire public status as early as next year. It resorted to a simplified procedure designed for promising technology companies, exempting them from a number of requirements.

However, ICONLOOP needs to pass a technological test prior to preliminary consideration of its application. In H1, the company will be bringing its business into legal and technological compliance with the exchange’s requirements.

ICONLOOP is one of the rare companies that consider an IPO after a successful ICO. In September 2017 the company managed to attract $45 million selling ICX tokens to develop the ICON project. In addition, ICONLOOP developed the Chain ID authentication system that is now used by financial institutions. Currently, the company is working on several other products in the distributed technologies segment.

In September 2018, ICON started cooperating with South Korea’s largest telecommunications conglomerate SK, which planned to use blockchain technology for its bonus miles system. 

UPDATE: Later today, a top manager of the company commented to the leading media on the IPO news spreading the market, denying rumours about IPO. He stressed that the company has no plans to launch it in the near future.

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