Kakao Mobility Pursues $1.4 Billion U.S. IPO

Avoiding Double Listing Regulations in Korea, Heading for U.S. Market

Kakao Mobility has submitted documents to the U.S. Securities and Exchange Commission (SEC) as it moves forward in preparing for an initial public offering (IPO).

According to U.S. IPO research firm IPOX on August 20, Kakao Mobility reportedly filed a confidential registration statement in June for an IPO worth 1 billion dollars (approximately 1.4 trillion won). This followed the company’s board approving the procedures related to its U.S. listing in May.

A confidential filing of a registration statement allows a company to undergo a preliminary review by the SEC without disclosing its financial information and offering plans to the public. Once certain requirements are met, the registration statement can then be made public to investors.

Reportedly, Bank of America, Morgan Stanley, and UBS have been mentioned as the lead underwriters for the IPO.

Kakao Mobility had previously sought to list on the Korean stock exchange in 2022, but withdrew the plans at that time following controversies such as allegations of call allocation favoritism. The parent company, Kakao, is already listed on the domestic market, which makes the company subject to Korea’s double listing regulations.

A Kakao Mobility representative commented on the matter, stating, "There is nothing we can confirm."

This content was produced with the assistance of AI translation services.