Iyuno SDI Media Group (Iyuno), a leading South Korean firm in the global content subtitling and dubbing industry, is exploring the possibility of going public. The company is considering an IPO on either the Nasdaq market in New York or the London Stock Exchange in the United Kingdom. Iyuno aims to achieve this through an M&A strategy within the year, targeting a valuation range between approximately $2.25 billion and $3 billion (3 trillion to 4 trillion won).
An investment banking industry insider revealed on Feb. 26 that Iyuno has initiated a comprehensive valuation process in preparation for listing on either the Nasdaq or the London Stock Exchange. The plan includes acquiring a company in a related field, securing pre-IPO investments, and determining the optimal timing for the IPO.
With a global presence through 67 offices in 34 countries, Iyuno specializes in subtitle localization and dubbing services. The company supports over 80 languages, serving major global OTT platforms like Netflix, Disney+, and HBO. Its competitive edge lies in its extensive language coverage, surpassing that of any other company in the industry.
Iyuno’s journey to becoming the top subtitling and dubbing company began modestly in a small room in Seoul. Founder Lee Hyon-moo, also known as David Lee, initially took a part-time job transcribing and translating foreign language videotapes while preparing for studies abroad in the United States after graduating from Yonsei University’s College of Engineering. This experience inspired him to establish the company.
Facing financial challenges, including salary payment delays and incurring a debt of $750,000 (1 billion won) to develop video translation software, Lee moved to Singapore to capitalize on the ‘Hallyu boom.’ There, Iyuno’s translation technology caught the attention of OTT giants like Netflix, leading to the company’s expansion into Malaysia and Indonesia. Iyuno distinguished itself by adeptly interpreting and paraphrasing the cultural nuances of each market.
To date, Iyuno has secured over $225 million (300 billion won) in funding. The company’s investment journey began with an $18 million (24 billion won) contribution from SBVA (formerly SoftBank Ventures Asia) in 2018, marking it as one of SBVA’s ‘favored’ portfolios.
Iyuno’s ambition extended beyond securing funding and acquiring new clients; it sought expansion through strategic M&A. With support from SBV, Iyuno acquired BTI, Europe’s largest subtitling company, in 2019, followed by the acquisition of SDI, the largest company in the U.S. in this sector, in 2020. These acquisitions propelled Iyuno to the forefront of the industry, boasting annual revenues exceeding $450 million (600 billion won).
SBVA facilitated an introduction between Iyuno and SoftBank Group Chairman Son Masayoshi, leading to a significant investment of $135 million (180 billion won) from the Vision Fund based on a 2021 valuation of $750 million (1 trillion won). In less than two decades since its inception in a small room, Iyuno has emerged as a unicorn, a privately held company valued at over 1 trillion won in Korea.
