Naver and Dunamu said a revised filing outlines plans to form an IPO committee for Naver Financial within a year of completing their share swap.
The companies indicated they would target a listing within five years, with a potential two-year extension, while Naver aims to secure voting control to keep the fintech unit consolidated.
The structure suggests the deal is designed to position a future listing at the fintech parent level rather than through a standalone listing of Upbit’s parent.
Dunamu cautioned that no final decisions have been made on proceeding with an IPO, including its timing or structure, and noted regulatory approvals could still delay or derail the transaction.
The agreement commits the parties to use their “best efforts” to pursue a listing after closing, forming the basis for post-deal restructuring and IPO preparation, though execution remains conditional on market and regulatory factors.
Naver Financial’s acquisition plans for Dunamu were first reported in September 2025, with the companies later confirming a roughly $10.3 billion all-stock transaction in a November filing.
The updated disclosure follows a delay of about three months to the deal timeline and comes as Dunamu reported a 10% revenue decline and a 26.7% drop in operating profit in 2025 amid weaker crypto trading volumes.