Kakao Mobility Plans Nasdaq Listing Worth Up to $1 Billion

Kakao Mobility, South Korea's leading ride-hailing company, has filed a draft registration statement with the US Securities and Exchange Commission for a Nasdaq listing of American Depositary Receipts (ADRs) valued at up to $1 billion. The primary purpose of this listing is to facilitate an exit for TPG, the private equity firm that holds approximately 29% of Kakao Mobility, rather than to raise new capital.

TPG's involvement with Kakao Mobility began in 2017, with a follow-on investment in 2021 totaling around 640 billion won, or about $462 million. The planned ADR structure will predominantly utilize existing shares, allowing TPG to sell its stake to public investors while keeping the overall share count of Kakao Mobility largely unchanged. The company's board has approved this plan, and Bank of America, Morgan Stanley, and UBS have been appointed as lead underwriters.

The decision to pursue a Nasdaq listing comes after South Korea revised its dual-listing regulations in 2023, which stalled Kakao Mobility's ambitions for a domestic IPO. Recent successful US offerings by other Korean companies, such as SK Hynix, have demonstrated that American investors are interested in South Korea's technology sector. Kakao Mobility operates within the Kakao ecosystem, primarily connecting passengers with taxis through its mobile platform, and has expanded into various transportation and mobility services.

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Source: KLEA News