Kakao Mobility Said to Confidentially File for U.S. IPO
Key Takeaways
- •Kakao Mobility is reported to have confidentially filed for a U.S. IPO in June.
- •The company is said to be aiming to raise about $1 billion.
- •Bank of America, Morgan Stanley and UBS were listed as underwriters in the reported filing.
- •South Korea’s new ban on subsidiary listings may affect how other large affiliate-backed companies approach listings.
- •Kakao Mobility previously tried to list in South Korea in 2022 but failed amid regulatory scrutiny.
Kakao Mobility Corp., South Korea’s taxi-hailing and mobility platform, is said to have confidentially filed for an initial public offering in the United States, according to a financial market tracker on Thursday.
The subsidiary of Kakao Corp., the operator of South Korea’s popular KakaoTalk messenger app, is reportedly seeking to raise about $1 billion in a filing made in June. Bank of America, Morgan Stanley and UBS were listed as underwriters, according to a newsletter published by IPOX LLC on June 13.
The market tracker said Kakao Mobility’s U.S. listing is linked to South Korea’s ban on subsidiary listings, which took effect early this month, a rule change that may shape how some large affiliate-backed companies approach public markets.
Kakao Mobility, whose taxi-hailing app has more than 30 million users, previously tried to list in South Korea in 2022 but failed amid regulatory scrutiny. That earlier attempt makes the reported U.S. filing notable for investors watching how Korean technology and platform companies navigate domestic listing constraints.
The company declined to comment on the reported U.S. IPO. (Yonhap)
