South Korea's largest e-book service provider, Ridi, posted a 38% year-on-year increase in revenue in the first half of 2020, turning a net loss into a net profit.
Increased demand for content during the COVID-19 pandemic drove this growth, with Ridi's monthly subscription service "Ridi Select," web fiction and webcomic content contributing significantly.
Ridi CEO Gisik Bae announced plans to launch a new webcomic-based service to continue the company's profitable growth.
With over 3.6 million users, Ridi's valuation reached KRW 550 million (USD 460 million) in April this year.
Ridi is expected to become the industry's third or fourth most prominent player based on first-half revenue.
The company also changed its IPO underwriter from Shinhan Investment to Korea Investment & Securities, citing the latter's expertise in the IT industry.