Kakao Mobility weighs US listing of TPG-backed shares
The potential ADR offering could help TPG exit its stake, but Kakao’s board has not decided whether to proceed.
Kakao Mobility is considering listing shares held by TPG Capital on a US exchange, seeking to tap strong investor demand for Korean companies.
The operator of South Korea’s dominant ride-hailing company confidentially submitted a draft registration statement to the US Securities and Exchange Commission on July 2 for a potential offering of American depositary receipts, Kakao Corp. said in a Thursday filing.
The proposal is one option for TPG to exit its stake, and any ADRs would be backed solely by shares owned by the private equity firm. Kakao’s board has not decided whether to proceed, and the size, timing and terms remain undetermined.
TPG invested about 500 billion won, or $358 million, in Kakao Mobility in 2017. Kakao remains the controlling shareholder with a 57.2% stake.