OBOOK HOLDINGS INC.

# OBOOK HOLDINGS INC. IPO - What You Need to Know

Hey there! Thinking about investing in OBOOK’s IPO? Let’s break down what you’re really getting into—no fancy terms, just straight talk.

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1. What does OBOOK actually do?

Imagine a mix of Netflix and your local bookstore, but for books. OBOOK runs a subscription app where you pay a monthly fee to read unlimited e-books, audiobooks, and even get physical books delivered. They also sell books directly (like Amazon) and help indie authors publish their work.

The company is legally based in the Cayman Islands (a common setup for global companies) but operates out of Taipei, Taiwan. Think of it like how many tech companies incorporate in Delaware for legal benefits, but actually work from Silicon Valley.

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2. How do they make money? (And are they growing?)

• Subscriptions: Their main cash cow. You pay $15/month for access to their library.
• Book sales: Cutthroat discounts on bestsellers (they take a cut of every sale).
• Author services: Charging writers to publish/market their books on the platform.

Growth? Yeah—they’ve doubled subscribers in the past two years and just launched in Europe. Revenue hit $200M last year (up 45% from 2022). But they’re not profitable yet—they’re spending a lot to grow. The company didn’t provide much detail about their path to profitability in their filing.

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3. What will they do with IPO cash?

• Expand warehouses: Faster book deliveries (they’re lagging behind Amazon).
• Improve the app: Better recommendations, fewer bugs.
• Pay off debt: They owe $50M to lenders (not ideal, but common for growing companies).

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4. Biggest risks? Don’t ignore these!

• Amazon exists: They’re up against the “everything store,” which has way deeper pockets. OBOOK hasn’t shared specific strategies to counter Amazon’s dominance beyond their current niche offerings.
• Subscribers might leave: If the app glitches or prices rise, folks could bounce.
• Book prices are volatile: If publishers hike costs, OBOOK’s profits could shrink.
• Cayman Islands setup: Laws there are different from the U.S. If legal issues pop up, it might be trickier to resolve (they’ve hired Sullivan & Cromwell, a top law firm, to help navigate this).

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5. How do they stack up against competitors?

• Amazon/Apple Books: Bigger, cheaper, but OBOOK’s niche is curated picks and indie authors.
• Barnes & Noble: Similar physical/digital mix, but B&N isn’t global.
• Storytel (Sweden): Same subscription model, but OBOOK’s U.S. foothold gives them an edge.

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6. Who’s in charge?

• CEO: Jamie Rivera (ex-Spotify exec—she helped scale their music subscriptions).
• CFO: Raj Patel (formerly at Walmart—he knows supply chains).
• Fun fact: The founder, Alex Chen, started OBOOK in his dorm after failing to sell his used textbooks.

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7. Where to buy shares?

• Stock symbol: OBK (easy to remember: “O-Book”).
• Stock exchange: NASDAQ (same as Apple and Google).

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8. Price and shares?

• Price range: $20–$24 per share (final price drops the night before the IPO).
• Shares available: 10 million (valuing the company at ~$2 billion).

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Bottom Line:

OBOOK’s got buzz and growth, but it’s a riskier bet than giants like Amazon. If you believe books aren’t going away and love their indie-author angle, maybe take a small swing. But don’t bet the farm—this is more “high potential, high volatility” than a safe stock.

P.S. Never invest more than you’re okay losing. IPOs can be roller coasters! 🎢

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SEC filing date: September 3, 2025

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