According to the investment banking (IB) industry on the 23rd, Kakao Mobility sent a request for a bid proposal (RFP) for listing on the KOSPI to domestic and foreign securities companies on the 19th. We plan to finalize the organizing committee and discuss the due diligence and listing schedule in the next month. Internally, it aims to enter the stock market next year.
Kakao Mobility was established in August 2017 as the Kakao Smart Mobility division was spun off. It is well known to the public as a producer and operator of taxi dispatch platform ‘Kakao T’. Immediately after the spin-off, Kakao Mobility increased its capital by welcoming Texas Pacific Group (TPG) as a shareholder. This year, it also carried out rights offerings for LG Corp., GS Caltex, GS Energy, Google, and the Carlyle Group.
The listing of Kakao Mobility is to quickly respond to the mobility market. ‘Tmap Mobility’, which was spun off from SK Telecom, is emerging as a competitor with aggressive moves. Tmap Mobility received investment from Appalma Capital and Eastbridge Partners in the first half of this year. In addition, it created a joint venture ‘UT’ with Google to challenge Kakao T. As competition for market share intensifies, investment funds are needed.
A market official said, “Some of the old stocks of TPG and the Carlyle Group will be sold, but new stocks will also be substantial due to the high investment demand.
The estimated enterprise value of Kakao Mobility, which is being discussed in the market, is in the range of KRW 7 trillion to KRW 8 trillion. Last month, LG, GS Caltex, and GS Energy were recognized as shareholders for a ransom of about 4 trillion won. The company said it would emphasize the scalability of the platform during the public offering process. As of the previous year, Kakao Mobility recorded 280 billion won in sales and 12.9 billion won in operating loss.
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