Kakao Mobility eyes Nasdaq listing worth up to $1B to give TPG its exit

South Korea’s largest taxi-hailing company is taking the scenic route to public markets. Kakao Mobility has confidentially filed a draft registration statement with the US Securities and Exchange Commission, targeting a Nasdaq listing of American Depositary Receipts worth up to $1 billion. The catch: this isn’t really about raising fresh capital. It’s about giving TPG, the private equity firm that owns roughly 29% of the company, a way to cash out after nearly a decade on the cap table. A private equity exit dressed as a public offering TPG’s involvement with Kakao Mobility dates back to 2017, with a follow-on investment in 2021. The consortium led by TPG poured approximately 640 billion won, roughly $462 million, into the company across both rounds. The ADR structure being pursued is expected to rely primarily on existing shares rather than new issuances. In practical terms, that means TPG sells its stake to public market investors through the Nasdaq listing, and Kakao Mobility’s share count stays largely the same. Kakao Mobility’s board approved the ADR issuance plan, and the company tapped Bank of America, Morgan Stanley, and UBS as lead underwriters. TPG has been pushing for th...