Kakao Mobility files for $1B Nasdaq listing to facilitate TPG exit

Kakao Mobility, South Korea’s leading ride-hailing company, has filed a confidential draft registration statement with the US Securities and Exchange Commission. The company is targeting a Nasdaq listing of American Depositary Receipts (ADRs) valued at up to $1 billion.

The move is primarily intended to facilitate an exit for TPG, a private equity firm that holds approximately 29% of the company. TPG, which invested roughly 640 billion won across funding rounds in 2017 and 2021, has sought a way to liquidate its stake as its funds approach maturity and domestic listing ambitions in South Korea remain stalled due to revised dual-listing regulations.

Rather than raising new capital, the ADR structure is expected to rely on existing shares, meaning the company’s total share count would remain largely unchanged. Bank of America, Morgan Stanley, and UBS are serving as the lead underwriters for the offering.