[비즈한국] As the special counsel team for Kim Keon-hee (led by Min Joong-ki) conducts an investigation into IMS Mobility (formerly Be My Car), concerns are rising that the company's plan for an initial public offering (IPO) may face setbacks. IMS Mobility is aiming for a KOSDAQ listing by 2026. However, it has now been cast into uncertainty after becoming embroiled in allegations that it received quid-pro-quo investments from major corporations.
The atmosphere surrounding IMS Mobility was not bad earlier this year. Its revenue remained stable at 47.5 billion KRW in 2023 and 47.2 billion KRW in 2024. Although it continues to operate at a loss, the operating loss narrowed from 10 billion KRW in 2023 to 3.1 billion KRW in 2024. The company announced that it successfully turned a profit in the first quarter of this year.
According to its 2024 audit report, the equity of IMS Mobility is held by CEO Cho Young-tak (20.35%), Neoplux No. 3 Private Equity (20.34%), IBK-BNW Technology Finance 2018 Private Equity (11.69%), and Oasis No. 3 JD New Technology Association (11.58%). Most of the remaining shares are also held by investment firms.
In June, IMS Mobility announced its goal to list on the KOSDAQ market by 2026. The plan was to focus the funds secured through the IPO on global expansion and advancing its artificial intelligence (AI) technology. Specifically, it explained that its main investment directions are entering the overseas FMS (Fleet Management Solution) market, centered on Asia, and advancing AI-based services in areas such as insurance claim automation and fleet operation optimization. Daishin Securities003540 and Shinhan Investment Corp. have been confirmed as the underwriters for the IPO.
Daishin Securities valued IMS Mobility at approximately 200 billion KRW. However, some have analyzed this as an overvaluation. This is because, as of the end of last year, the company's total capital was -120.5 billion KRW, indicating complete capital impairment. On the other hand, some argue that the company's actual financial situation is not as dire, as the redeemable convertible preference shares (RCPS) issued during past investment rounds are classified as debt.
The problem is that IMS Mobility has recently been swept up in legal risks involving Kim Ye-seong, a person known as a 'butler' to First Lady Kim Keon-hee. Kim Ye-seong participated in the establishment of IMS Mobility and even served as an executive. Furthermore, in 2023, the 'Oasis No. 3 JD New Technology Association (Oasis Fund),' a fund backed by major corporations, acquired the IMS Mobility shares held by Innovest Korea, which is suspected of being a shell company for Kim Ye-seong. This sparked allegations that the Oasis Fund acquired the stake with First Lady Kim Keon-hee in mind (Related article: 'Kim Keon-hee's Butler' Kim Ye-seong's wife is the only executive… What is the true identity of Innovest Korea?).
IMS Mobility denies these allegations. In an official statement, the company said, "We clarify that the allegations regarding investments from specific institutional investors and the past exit of employees are clearly false," adding, "We express deep regret over reports that highlight only allegations without reflecting our company's position at all."
Despite the company's rebuttal, the Kim Keon-hee special counsel team is pressing ahead with its investigation into IMS Mobility. On August 2, the special counsel summoned and questioned IMS Mobility CEO Cho Young-tak and Oasis Equity Partners CEO Min Kyung-min. While arriving for questioning, CEO Cho said, "No external forces have ever interfered in our investments until now," and added, "I believe all investments are the result of IMS Mobility’s technological prowess and the hard work of our employees."
Regardless of the truth, this investigation is expected to have a negative impact on the corporate image of IMS Mobility for the time being. It is a fact that Kim Ye-seong worked as an executive at IMS Mobility, and testimonies have emerged that CEO Cho Young-tak also had personal ties to First Lady Kim Keon-hee.
IMS Mobility's main business is operating a car-sharing rental platform. As the industry leader, it has 110,000 registered rental vehicles. However, it is not without alternatives. There are numerous other car-sharing platforms besides IMS Mobility. From a consumer's perspective, there is no pressing reason to choose IMS Mobility over others.
If the future outlook for IMS Mobility remains unstable, it will inevitably have a negative impact on attracting further investment. With the difficulty in securing funding, there is little reason for the company to push forward with its IPO prematurely. Consequently, analysts suggest that the listing plan may be delayed or canceled.
Bizhankook reached out to IMS Mobility for comment on this matter but did not receive a response.