Kakao Mobility is advancing its plans for an initial public offering (IPO) in the U.S., aiming to raise approximately $1 billion. The company has reportedly submitted relevant documents to the U.S. Securities and Exchange Commission (SEC) on a confidential basis.
According to IPOX, a U.S. IPO specialist, Kakao Mobility is targeting around $1 billion for its IPO and has filed the necessary paperwork with the SEC confidentially. IPOX has identified Bank of America, Morgan Stanley, and UBS as potential underwriters for the listing.
IPOX describes Kakao Mobility as a leading domestic mobility platform owned by Kakao, noting that the registered users of Kakao T exceed 30 million. The company operates a variety of mobility services, including taxi hailing, rental cars, and bikes.
The confidential submission to the SEC is a standard procedure that allows companies preparing for a U.S. stock market listing to submit documents for review before making them public. Once certain requirements are met, the documents can be converted into a public registration statement, helping companies manage the pressures of market disclosure while preparing for the IPO.
This is not Kakao Mobility's first attempt at a U.S. listing. The company previously sought to go public in South Korea but withdrew its plans in 2022.
* This article has been translated by AI.
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