S. Korea's Kakao Mobility confidentially files for U.S. listing
SEOUL, Aug. 20 (Yonhap) -- Kakao Mobility Corp., South Korea's taxi-hailing and ...
Kakao Mobility Corp., a South Korean taxi-hailing and mobility platform, reportedly filed for an initial public offering (IPO) in the United States, according to a financial market tracker. The subsidiary of Kakao Corp., which operates South Korea's popular messenger app KakaoTalk, aims to raise approximately US$1 billion through the filing, which is believed to have been submitted in June.
Bank of America, Morgan Stanley, and UBS are reported to be serving as underwriters for the U.S. listing, as stated in a June 13 newsletter published by IPOX LLC. The move to list in the U.S. is attributed to South Korea's recent ban on subsidiary listings, which took effect earlier this month. Despite previously attempting to list on the local market in 2022, Kakao Mobility has not yet succeeded due to regulatory scrutiny.
The taxi-hailing app boasts more than 30 million users and has chosen not to comment on the U.S. IPO plans.
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