[컬리 IPO 재도전]③ ‘FI 회수’와 ‘네이버 의존’에 낀 상장

Kurly's IPO comeback faces critical governance challenges as financial investors hold over 50% of equity while founder Kim owns just 5.7%, creating significant post-listing exit risk. Naver's strategic partnership enhances market credibility but deepens platform dependency concerns, making Kurly's proof of independent competitive strength essential for successful listing.