Kakao Mobility, South Korea’s dominant ride-hailing company, has confidentially filed a draft registration statement with the SEC for a Nasdaq listing of American Depositary Receipts worth up to $1 billion. The primary purpose is to allow TPG, the private equity firm holding approximately 29% of the company, to exit after nearly a decade of investment. TPG had invested approximately 640 billion won, or $462 million, in 2017 and 2021. The offering will primarily rely on existing shares rather than new issuances, with Bank of America, Morgan Stanley and UBS as lead underwriters. Changes to South Korea’s dual-listing regulations in 2023 had stalled the company’s domestic IPO plans.
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