2030 IPO Target
KOSDAQ Tech Special Listing or General Listing
500억+
Target Market Cap
100억
Target Revenue
20억
Target Operating Profit
20만+
Target Users
Valuation Rationale
PSR (Price-to-Sales Ratio): 5x
Based on AI Fintech startup average PSR 8-10x
Calculation: 35억 × 8.5 = 297.5억 ≈ 300억
Meets KOSDAQ Tech Special Listing minimum market cap
5-Year Growth Trajectory
Year-by-Year P&L Breakdown
Revenue structure, cost structure, and operating profit calculation for IPO target
Development
-3억
Operating Profit
Revenue Calculation
B2B
0 clients × 0억
0억
B2C
0 users × $15/mo
0억
Total Revenue
0억
Cost Calculation
Total Costs
3억
Key Milestones
- Core platform
- Beta test
- 14 microservices
0억−3억=-3억(OPM 0.0%)
B2B Pilot
-1.5억
Operating Profit (-30.0%)
Revenue Calculation
B2B
3 clients × 1.5억
4.5억
B2C
500 users × $15/mo
0.5억
Total Revenue
5억
Cost Calculation
Total Costs
6.5억
Key Milestones
- 3 securities pilots
- B2C soft launch
- Revenue validation
5억−6.5억=-1.5억(OPM -30.0%)
Full Launch
+3억
Operating Profit (20.0%)
Revenue Calculation
B2B
8 clients × 1.8억
14.4억
B2C
2,000 users × $15/mo
0.6억
Total Revenue
15억
Cost Calculation
Total Costs
12억
Key Milestones
- Full stock service
- First profitability
- Global stocks
15억−12억=+3억(OPM 20.0%)
Expansion
+11.7억
Operating Profit (33.4%)
Revenue Calculation
B2B
15 clients × 2억
30억
B2C
5,000 users × $15/mo
5억
Total Revenue
35억
Cost Calculation
Total Costs
23.3억
Key Milestones
- Crypto service
- Mobile app
- Series A funding
35억−23.3억=+11.7억(OPM 33.4%)
Leadership
+23.5억
Operating Profit (36.2%)
Revenue Calculation
B2B
25 clients × 2.2억
55억
B2C
10,000 users × $15/mo
10억
Total Revenue
65억
Cost Calculation
Total Costs
41.5억
Key Milestones
- All-asset platform
- IPO preparation
- Pre-IPO round
65억−41.5억=+23.5억(OPM 36.2%)
IPO
+32억
Operating Profit (32.0%)
Revenue Calculation
B2B
35 clients × 2.3억
80.5억
B2C
15,000 users × $15/mo
19.5억
Total Revenue
100억
Cost Calculation
Total Costs
68억
Key Milestones
- KOSDAQ IPO
- Revenue 100억
- Profit 20억+ (IPO 요건 충족)
100억−68억=+32억(OPM 32.0%)
Key Assumptions & Risks
Growth Drivers
- B2B securities firm partnership expansion (2-3 new clients/year)
- B2C subscription conversion rate 3-5%
- AI analysis accuracy differentiation
- 2027 global stocks, 2028 crypto expansion
Key Risks
- B2B sales delay → revenue shortfall
- Large competitor entry (Toss, Kakao)
- Financial regulation changes
- Key talent attrition