[Trading Trend] Mooas Makes First OTC Trade with Valuation in the 10 Billion Won Range After Withdrawing SPAC Listing... What are the Chances of Another IPO Attempt?

Mooas was pursuing a KOSDAQ listing through a merger with Shinhan No. 12 SPAC in the second half of 2025, but its entry into the stock market was aborted after withdrawing the preliminary review for the merger listing in March 2026. Afterward, Mooas' shares were traded for the first time on the over-the-counter (OTC) market, albeit in small amounts, and the corporate valuation assessed at this time remained in the low 10 billion won range. This is a significant drop compared to the corporate valuation of 53.1 billion won assessed at the time of the merger, and it is estimated that a portion of the volume held by other individual shareholders, who currently hold a 0.26% stake in the merged entity, was traded.

Valuation of 53.1 Billion Won and Listing Preparation... A Rosy Blueprint for the Future

Mooas is a hidden champion company that has expanded its scope from interior accessories such as clocks and mood lights to small appliances and beauty devices since its establishment in 2009. At the time of pushing for the listing, the evaluation by an external evaluation agency (Hanmi Accounting Corporation) calculated the merger value of Mooas, an unlisted company, at approximately 53.1 billion won. This valuation was the result of deriving an intrinsic value per share of 10,000 won by applying a weighted average of 1 to 1.5 for the asset value (2,331 won) and future profitability (15,125 won).

Ahead of requesting the preliminary review for listing, the company sold some of its old shares to institutional investors such as Pine Value Asset Management and Susung Asset Investment, getting recognized for an equity value of 36 billion won. In addition, the company showed a strong willingness to list by reorganizing the board of directors, including newly recruiting an outside director who is a former CEO of an asset management company.

In particular, it also presented an aggressive blueprint to more than double its revenue, which was at the level of 34 billion won in 2024, to approximately 80.1 billion won by 2029. As main growth engines, it put forward the targeting of the North American market, such as the entry of its steam iron, which succeeded in entering all Costco branches in Korea in December 2024, into Costco US, and the push for its flagship product, a hair dryer, to enter Costco Canada. Furthermore, it planned to create high added value by expanding its lineup to skincare devices such as skin massagers and cross-selling dedicated cosmetics through its own brand, 'Meekly'.

Limitations of Short-term Surges in Performance and Shortfall in Operating Profit Targets

However, Mooas' merger price was the result of reflecting future profitability overwhelmingly higher than its current asset value. This profitability value was an estimated figure premised on the successful entry into Costco in North America and explosive sales of new beauty device products after 2026.

Mooas grew rapidly in a short period of time, from a revenue of approximately 21.2 billion won in 2023 to 34 billion won in 2024, thanks to the successful entry of its hair dryer, which emerged as a flagship item, into Costco. However, when revenue surges in a short period due to a single specific item during the stock exchange's listing review, it must overcome strict hurdles regarding whether the performance is not a one-off event and is sustainable. It is analyzed that Mooas would have felt a great burden in fully explaining this sustainability during the review process of a little over four months.

Above all, the biggest stumbling block was the immediate shortfall in performance. As a result of the 2025 year-end settlement, the actual operating profit recorded approximately 4.75 billion won, which is a result that fell short of the target figure of 5.46 billion won expected by the company at the time of the initial listing review request. From the perspective of the exchange, it would have been difficult to trust the estimate of achieving a massive operating profit of 14.5 billion won in 2029 in a situation where it could not even meet the immediate target performance right in front of it. Ultimately, there is a high probability that this led to strong pressure for a downward adjustment of the SPAC merger ratio and corporate valuation.

Solid Fundamentals and Product Diversification Proven by Numbers

Although it failed to cross the threshold of the SPAC merger, Mooas' basic strength and capacity for another IPO attempt in the future are still quite solid. As of 2025, Mooas achieved revenues of approximately 41.8 billion won and an operating profit of about 4.75 billion won, firmly maintaining an excellent operating profit margin at the 11% level, which significantly exceeds the average for distribution and manufacturing industries.

It is not just making profits on the books; the company's ability to actually earn cash is also outstanding. The cash flows generated from operating activities in 2025 reached approximately 5.1 billion won, and cash and cash equivalents, which are in the nature of ending bank balances, are also amply piled up at around 6.8 billion won. This is a distinctly different appearance from companies that are large in appearance but empty inside, carrying the risk of a surplus bankruptcy. In terms of product portfolio as well, without relying solely on simple existing interior accessories like clocks or lamps, it has successfully expanded its business scope to high-unit-price hair dryers and beauty/skincare devices, establishing a stable cash cow.

Strategic Retreat for Higher Corporate Valuation... Possible if There is Costco Momentum

In conclusion, although Mooas experienced a step backward with the withdrawal of its SPAC listing, the company's fundamental strength has by no means been damaged. It just took a breather for a while due to factors such as short-term shortfalls in performance targets, the strict review threshold of the exchange, and pressure to lower the merger ratio. Rather, as it harbors clear global growth drivers, such as the entry of its flagship products into Costco in North America, it is expected to prove its overseas market performance with solid results within the next one to two years. Based on this, after completely resolving the market's doubts, it seems highly likely that it will attempt an IPO again, such as a direct listing, while getting recognized for a higher valuation.