New TMON CFO Jon In-chon to bolster firm's IPO prospects

Jon In-chon

By Lee Kyung-min

Finance expert Jon In-chon has joined Korean e-commerce firm TMON as chief financial officer (CFO) to help with its planned initial public offering (IPO) next year, the company said Thursday.

Before joining the Gangnam-headquartered firm, Jon served as CFO of Big Hit Entertainment ― the agency representing Korean pop sensation BTS ― from March to June, and before that ADT Caps, an advanced security solutions provider, from October 2018 to March 2020.

The finance expert will help TMON with the IPO, a deal being managed by underwriter Mirae Asset Daewoo.

“Our firm being listed in 2021 will be a first for a Korean e-commerce company, a process Jon is expected to play a key role throughout,” a TMON official said.

This is the company's second IPO attempt. A bid in 2017 failed due mostly to the firm's losses.

Prospects have become brighter after the firm reported 175.1 billion won ($158.2 million) in sales in 2019. While it posted a 75.3 billion won net loss that year, it produced a 160 million won net profit in March, snapping the years-long run of losses.