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.