BlueM Tech, a KOSDAQ-listed company, is moving to sell its controlling stake. The general partner (GP) of the fund for this M&A (mergers and acquisitions) will be KDB Investment. Given that a public institutional investor is involved, the deal is drawing attention as it reflects confidence in the company's growth potential.
According to the investment banking industry on the 22nd, BlueM Tech plans to sell a 40% stake in its controlling shares. The commitment letter (LOC) for the fund's capital contribution is expected to be drafted in early October.
The controlling stake of BlueM Tech amounts to approximately 22%. As of late June, major shareholders include Yeon Je-ryang (10.41% shareholding, largest shareholder), Kim Hyun-soo (7.27%), Song Ji-eun (1.61%), and Federal Reserve Corp. (1.56%). The acquiring entity is expected to secure a total 40% stake by purchasing these shares and injecting funds through a rights offering (paid-in capital increase).
The fund acting as the acquirer has KDB Investment serving as its GP. Korea Colmar will participate as a strategic investor (SI). It is reported that marketing for the fund's limited partners (LPs), which are institutional investors, has already concluded.
The sale price is expected to be around 700 billion won. As of 2:30 p.m. on the 22nd, BlueM Tech's market capitalization stood at 107 billion won. Based on this figure, the estimated sale price would be 40 billion won, with a significant premium added, analysts suggest.
Industry observers view this deal as one where BlueM Tech's growth potential is highly valued, given that a public institutional investor serves as the GP and strategic investors are being brought in.
BlueM Tech has been growing its scale since 2019 based on 'BlueFarm Korea,' an AI-focused pharmaceutical B2B e-commerce platform. The company is building systems to meet various needs of healthcare professionals, including non-face-to-face sales support solution 'BlueFeed,' medical and clinical recruitment platform 'BlueDoc,' non-face-to-face consultation platform 'MD Square,' and a medical student resident messenger 'MediStaff.' As of the end of last year, the total number of members across all platforms exceeded 36,200.
BlueM Tech recorded consolidated sales of 99 billion won in the first half of this year, an increase of 19.2 billion won compared to the same period last year. The operating loss for the first half was 600 million won, a reduction to one-third of the previous year's level. With additional gains from derivative instruments, net profit for the first half turned positive (+). Retained earnings accumulated by the company stood at 9.3 billion won as of late June, more than doubling from the end of last year.
A BlueM Tech official stated, "Regarding the ongoing deal, we have nothing to disclose beyond what has been publicly announced."
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