More than 10 Korean information technology and telecommunications firms are planning to list on Nasdaq market, according to reports in the Korean media. Most of them concentrate on their domestic market and will mean little to US investors, despite strong earnings potential in some cases.
They include the two most discussed telecoms providers in the country, Dacom, which plans to list early in 2000, and Hanaro Telecom. Both companies have been the subject of takeover battles by the country’s largest conglomerates, with the LG Group having apparently won the battle for Dacom, although no front-runner has yet emerged for Hanaro.
Dacom, a fixed-line service provider, said recently it plans to concentrate on internet-related business, which will eventually bring in 80% of its revenue. Hanaro, which was formed by several conglomerates and launched just over a year ago, is a local phone service provider.
Another big name in Korea is Hangul & Computer, the country’s top software developer, whose flagship product is a Korean-language office suite. Another major software player, Las21, which was recently formed by the merger of three software businesses, is planning to initially list on the local Kodaq before a second listing on Nasdaq. Another software developer, Handi Soft, was also mentioned in reports.
Other companies reported to be eyeing the Nasdaq include satellite internet equipment developer Teleman, groupware firm Nanum Technologies and communications systems provider Ace Technologies.
