Kakao Mobility Begins Full-Scale IPO Preparation... Sends Bidding Proposals
[Asia Economy Reporter Buaeri] Kakao Mobility is preparing for an initial public offering (IPO).
On the 23rd, Kakao Mobility plans to send a Request for Proposal (RFP) containing its listing plans to major domestic and international securities firms in the afternoon. It is expected to select an underwriter next month and begin the formal listing process.
A Kakao Mobility official stated, "The schedule and method of the listing have not been specifically decided yet."
Kakao Mobility operates 'Kakao T,' the number one taxi-hailing app in Korea. 'Kakao T' has 28 million users and 250,000 driver members, and is rapidly expanding its mobility-related businesses including taxi services, designated driver services, and parking.
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Recently, Kakao Mobility attracted large-scale investments from the TPG Consortium, Carlyle Group, LG, GS Caltex, and GS Energy, bringing its cumulative investment to over 1 trillion KRW. The market estimates Kakao Mobility's corporate value to be between 6 and 8 trillion KRW.
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