Kakao Mobility is pushing for a U.S. stock listing.
On the 20th, IPOX, a U.S. initial public offering (IPO) specialist, said Kakao Mobility submitted a confidential registration statement in June for an IPO of $1 billion (about 1.4 trillion won).
Filing a registration statement is the process of undergoing a preliminary review by the U.S. Securities and Exchange Commission (SEC) before listing on a stock exchange. After the confidential filing and the SEC's review proceed, detailed terms such as the offering structure and price range are expected to be disclosed.
IPOX mentioned Bank of America (BofA), Morgan Stanley, and UBS as potential lead underwriters.
It also introduced Kakao Mobility as a domestic taxi-hailing and mobility platform with more than 30 million users, noting that the company is pursuing a U.S. listing as regulations on duplicate listings tighten in Korea.
Kakao Mobility sought a domestic stock listing in 2022 but halted the process as various controversies, including allegations of steering calls, surfaced at the time.
In Korea, the parent company Kakao is already listed and could be subject to regulations on duplicate listings, which is seen as a reason the company is pursuing a U.S. stock listing.