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SoftBank-Backed Socar Sticks With Sales Goals After Slashing IPO

Korea’s No. 1 car-sharing startup eyes an overseas expansion and plans to use the funds from the listing to build an Asian mobility super-app.

Jake Park
Jake ParkPhotographer: Jean Chung/Bloomberg

SoftBank Group Corp.-backed Socar Inc. just halved its listing target because of deteriorating market conditions. That’s doing little to change Chief Executive Officer Jake Park’s resolve to triple sales and improve margins.

South Korea’s largest car-sharing service operator aims to accelerate an overseas and services expansion to lift revenue to 1 trillion won ($766 million) by 2025, the 36-year-old executive said in an interview. His plan to improve profit margin more than 5 percentage points a year for each car will yield earnings of tens of billions of won in 2022 alone, he added.