Proptech platform Olim Planet eyes 2022 Kosdaq IPO

Olim Planet, a South Korean property technology startup, has begun the process to go public on the junior Kosdaq market in the second half of next year at its earliest.

The startup uses virtual reality technologies to create the virtual spaces of the exterior and the interior of a building or a house. It is known for its show house platform Zipview, which displays virtual three-dimensional house images.

Olim Planet recently selected Daishin Securities as its IPO manager, according to investment banking sources on Nov. 25.

In the IPO market, Olim Planet could draw attention as a Metaverse-related stock, given its VR technologies. 

In its first business year in 2015, it created a virtual show house for its first corporate customer DL E&C Co., a South Korean developer. The company has then expanded the virtual space platform to conference and exhibition centers, as well as to retail shops.

Since COVID-19 struck, it has established itself as a 3D-based virtual events platform, carrying out more than 300 VR-related projects since its inception.

Last year its operating profit leapt by 27.4% year-on-year to 780 million won ($654,000), with sales up 3.5% to 6 billion won. Its 2021 sales are forecast to top 10 billion won.

On Kosdaq, two other metaverse-related stocks roared higher this year. Maxst Co., a metaverse platform that creates spatial mappings of real-world spaces, has surged 381% to 72,100 won as of Thursday's close since its market debut last July.  

Shares in Giantstep Inc., a visual effects studio for commercials and movies, skyrocketed 1,129% to 135,200 won since its Kosdaq listing in March of this year.

Write to Jin-seong Kim at jskim1028@hankyung.com
Yeonhee Kim edited this article