“170 million won ‘jackpot’ per employee, what’s the big deal?” Where is this company that became so successful?

As Millie’s Library, a subscription-based e-book platform, completes its initial public offering ( IPO ), interest is naturally focused on the benefits that employees will enjoy. This is because a significant number of stock options (stock purchase rights) are granted to executives and employees, making it possible to hit the ‘jackpot’ of large market profits.

Millie’s Study announced on the 10th that it would issue 280,900 new shares through the exercise of stock options by executives and employees. It is 3.5% of the total number of issued shares (8.11 million shares). A stock option is the right to purchase company stock at a set price (exercise price) regardless of the market price. Considering that Millie’s Study’s public offering price is 23,000 won per share, it is expected to make a significant profit when exercising stock options.

Millie’s Study has paid stock options to executives and employees six times since its founding. The stock options exercised this time were given in April 2019 (2nd session) and March 2020 (3rd and 4th sessions), and the exercise prices were 1,500 won (190,900 shares) and 3,000 won (90,000 shares) per share. The target group is 35 employees (possible overlap) and 1 external expert.

As of the 13th, Millie’s Study’s closing price was 23,000 won. It rose up to 1,400% compared to the stock option exercise price (2nd , 1,500 won). If it is disposed of (simple calculation), the average market profit per employee is expected to reach up to approximately 170 billion won. However, there is a mandatory holding period, so stock options can be exercised from October 2025, two years later.

As a result, the remaining stock options that can be exercised스포츠토토 by executives and employees in the future amount to 259,500 shares. The 5th round is 82,000 shares, the 6th round is 147,500 shares, and the exercise prices are 7,000 won and 12,810 won, respectively, so a significant market profit can be expected. Stock options from rounds 1 to 5 were issued before Millie’s Study was acquired by Genie Music under KT Group in September 2021 .

Some say that only a few executives and employees will benefit greatly from this listing. Those who exercised stock options this time are a small number of executives and employees who joined Millie’s Study in the early days of its establishment. The number of executives and employees increased from 11 in 2017 to 30 in 2018 and 65 in 2019. In the first half of this year, the number of executives and employees reached 148, an increase of more than 10 times compared to the beginning.

Meanwhile, Millie’s Library first introduced its monthly e-book subscription service in Korea in 2017. As of last July, it had approximately 6.4 million subscribers and 1,900 affiliated publishers. In 2021, it was acquired by Genie Music under KT Group and incorporated into KT Group affiliates, continuing collaboration with KT Media affiliates.

Last year, Millie’s Study recorded 45.8 billion won in sales, a 58.8% increase from the same period last year, and 4.17 billion won in operating profit, successfully turning a profit. In the first half of this year, it recorded sales of 26 billion won and operating profit of 5 billion won. The operating profit margin reached 19%.

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