Kakao to Go Public Next Year

Kakao Corp., known for its mobile messaging app KakaoTalk, is preparing for an initial public offering next year in May on one of the nation's stock exchanges.

Korea's tech-heavy Kosdaq market is already fighting to bring the developer to its stock exchange over the benchmark KOSPI.

According to industry insiders on Thursday, the Kosdaq has set up a task force in a bid to attract the company. This comes as Kakao said it is close to signing a deal to hire Morgan Stanley and Samsung Securities as advisers for the IPO.

Sources say that after the company goes public, its value could exceed US$2 billion, with the potential to raise between $1 billion and $5 billion.

KakaoTalk started its service in 2010 and now has 133 million users as one of the fastest-growing mobile messaging services.

Arirang News / Feb. 28, 2014 11:14 KST