Seoul: Kakao Mobility Corp., a leading taxi-hailing and mobility platform based in South Korea, is reportedly making significant strides toward an initial public offering (IPO) in the United States. The company, a subsidiary of Kakao Corp., has confidentially filed for this IPO with the aim of raising approximately US$1 billion, as noted by a financial market tracker.

According to Yonhap News Agency, the filing, which was reportedly made in June, lists Bank of America, Morgan Stanley, and UBS as the underwriters for this substantial move. The U.S. listing decision is influenced by a recent ban on subsidiary listings in South Korea, which came into effect earlier this month. This regulatory change has steered Kakao Mobility to explore international markets for its funding needs.

Kakao Mobility's platform, which boasts over 30 million users, had previously attempted to go public in the local South Korean market in 2022. However, the initiative was halted due to regulatory scrutiny. Despite the challenges faced in its earlier attempt, the company is now positioning itself for a successful IPO in the U.S. market. Kakao Mobility has opted to remain silent on details regarding its U.S. IPO plans at this time.