'Record High Performance' Creatz Differs from Golfzon… Makes Second Attempt at KOSDAQ Listing

Golf simulator specialist Creatz is making a second attempt at listing on the KOSDAQ, armed with an overwhelming rebound in performance. Overcoming the pain of controversy over its overvaluation during its past SPAC merger push, the company is determined to be re-evaluated by the market as a global platform company this time through explosive growth in the U.S. market and a differentiated business model.

Overcoming the SPAC Withdrawal Following 'Overvaluation Controversy,' a Spectacular Return After 2 Years

According to the investment banking (IB) industry on the 8th, Creatz submitted a preliminary examination request for a general direct listing to the Korea Exchange on April 7. This is a second attempt approximately two years after withdrawing its listing plan in February 2024, and the company has reorganized its lineup by abruptly replacing its lead underwriter with Samsung Securities, instead of NH Investment & Securities, which had previously led the merger process.

Previously, in the second half of 2023, Creatz pursued entry into the stock market through a merger with 'NH SPAC No. 20,' a large-scale SPAC with a public offering size reaching 50 billion won. At the time, the company proposed a corporate valuation of up to 410 billion won, but faced fierce overvaluation controversy that its price tag was too expensive relative to its performance scale when compared to Golfzon, the No. 1 screen golf company and a listed company in Korea. Creatz stepped up to persuade investors by adjusting the merger ratio and lowering its valuation to the 280 billion to 350 billion won level, but ultimately could not overcome the opposition of SPAC shareholders and voluntarily canceled the merger agreement.

Deficit Shock Due to Labor Cost Shock… Overcome in 1 Year with Record High Performance of '100 Billion Won in Sales'

The biggest weapon that Creatz is showing confidence in as it pivots to a direct listing after two years is its 'dramatic turnaround in financial performance.'

Looking at Creatz's annual profit and loss flow, the performance, which was at the level of 7 billion won in sales and 1.7 billion won in operating profit on a separate basis in 2019, achieved steep external growth to 31.3 billion won in sales (operating profit of 17.5 billion won) in 2021, 41.3 billion won (operating profit of 12.8 billion won) in 2022, and 56.7 billion won (operating profit of 21.3 billion won) in 2023.

Of course, there were hurdles. In 2024, right after the withdrawal of the listing, the company appeared to struggle in proving its corporate valuation as it swung to a deficit, recording an operating loss of about 84 million won on a consolidated basis due to the aftermath of personnel expansion and increased selling, general, and administrative (SG&A) expenses alongside the stagnation of the domestic golf market. At the time, as the total number of employees significantly increased from 114 to 170, salary expenditures alone surged from 18.9 billion won to 24.5 billion won, and advertising and promotional expenses also greatly expanded, which were the causes of the deterioration in profitability.

However, in 2025, Creatz cleanly washed away its sluggishness in just one year. Achieving 104.2 billion won in sales and 25.1 billion won in operating profit on a consolidated basis in 2025, the company entered the '100 billion won sales club' for the first time since its founding and rewrote its record high performance. This is the result of resolving temporary cost increase factors and its overseas market penetration bearing fruit in earnest.

Distinctly Different from Golfzon… Hits 80.2 Billion Won Jackpot in U.S. Market Led by 'UNEEKOR'

The most distinct point where Creatz differentiates itself from Golfzon is that the epicenter of its profit is the 'U.S. market.' Domestic sales, which were 38.7 billion won in 2022, were halved to 18.8 billion won in 2025, taking a direct hit from the declining golf fever in Korea; however, during the same period, U.S. sales skyrocketed nearly fourfold from 23.3 billion won to 80.2 billion won. Its constitution has completely transformed into a true export-driven company, earning more than 80% of its total sales from overseas, including the U.S.

Furthermore, Creatz is evolving beyond simple hardware equipment sales into a 'software platform company.' Through its proprietary 'DimpleOptix' technology, which accurately measures spin by capturing the movement of dimples (the indentations on the surface of a golf ball), it has successfully established the premium brand 'UNEEKOR' in the U.S. market. Going further, by launching 'AI Trainer,' which diagnoses a golfer's swing by combining large language models and physical data, and 'GameDay,' a photorealistic simulation software, the company is building a cash cow that generates regular subscription revenue.

During this direct listing process, Creatz and its lead underwriter, Samsung Securities, plan to justify its corporate valuation by selecting companies operating golf simulator businesses locally in the U.S. as its peer group (comparable companies), instead of Golfzon, which is centered on domestic demand. Market attention is focused on whether it can prove the valuation of around 400 billion won that it aimed for during its past SPAC merger this time through overwhelming performance and U.S.-driven momentum.