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Photo=Kakao Mobility |
[Alpha Biz= Paul Lee] akao Mobility has launched a shareholder value enhancement committee involving its second-largest shareholder, TPG, raising speculation that the company may pursue a U.S. stock market listing as domestic IPO prospects dim.
According to industry sources on May 14, Kakao, Kakao Mobility, and TPG recently formed the committee to explore strategies aimed at enhancing corporate value. The body is expected to review a range of options, including a potential U.S. listing and even changes to the shareholder structure.
Kakao Mobility last month appointed Deloitte Anjin as its external auditor and is currently undergoing a re-audit of its financial statements for the 2023–2025 period. The firm is reportedly conducting the review with a potential U.S. listing in mind.
A Kakao Mobility official stated that the appointment of Deloitte Anjin is part of broader discussions with various experts to explore multiple strategic options.
Media reports have also indicated that Kakao Mobility has selected global investment banks—including Bank of America Merrill Lynch, UBS, and Morgan Stanley—as advisors for a potential American Depositary Receipt (ADR) listing, raising the possibility of a listing within the year.
The move comes as regulatory scrutiny in South Korea over dual listings of subsidiaries has intensified. Authorities, including the Korea Exchange, have adopted a stricter review stance, making a domestic IPO for Kakao Mobility increasingly challenging.
Pressure is also mounting from TPG, which has been seeking an exit. The TPG consortium initially invested KRW 500 billion at the company’s inception in 2017 and added another KRW 140 billion in 2021, bringing its investment horizon to roughly nine years.
Despite the developments, Kakao maintains that no definitive decision has been made regarding Kakao Mobility’s initial public offering.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
