South Korea is becoming a hotbed of big technology startups.
New businesses are emerging in areas such as biotechnology, ride-hailing, and online payments, and South Korea now has 10 unicorns, or young private companies worth more than $1 billion, according to CB Insights. That makes it the third-largest hub for such companies in the Asia-Pacific region, after the far more populous China and India.
In March, local e-commerce giant Coupang Inc . went public in New York. It had a market value of about $69 billion as of Tuesday, according to FactSet. Videogame developer Krafton Inc. is gearing up for an initial public offering in August that it says could be one of Seoul’s largest ever, with a maximum size of 4.3 trillion won, the equivalent of about $3.8 billion.