South Korea’s top travel and accommodation booking platform operator Yanolja Co. is seeking to streamline and restructure its affiliates to boost profitability ahead of its planned initial public offering on the Nasdaq this year.
Industry sources said on Tuesday the platform operator plans to absorb and integrate the Daily Hotel app and website into Yanolja by Nov. 5.
As part of the plan, Daily Hotel, a hotel and restaurant reservation app, will stop new membership registrations and product sales on Sept. 10.
Yanolja acquired Daily Hotel in 2019.
The move to integrate overlapping businesses comes as Yanolja’s profitability has worsened, making it increasingly difficult to achieve its initially targeted enterprise value of 10 trillion won ($7.3 billion) for a Nasdaq IPO, industry officials said.
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