KakaoGames may push for IPO next year
[THE INVESTOR] Kakao’s mobile game publishing unit KakaoGames CEO Whon Nam-koong on June 13 hinted that the company could go public next year.
“We are currently having discussions internally about ways to maximize corporate value before the proposed IPO next year,” he said during the launch event of a new game “Onmyoji for Kakao,” the Korean version of the Chinese hit 3-D mobile role-playing game, in Seoul.
KakaoGames had contacted five local investment banks for its planned IPO last year but the selection of an advisor has been delayed.
The CEO didn’t specify the IPO schedule, saying more discussions are needed, especially on merging the parent firm’s game business division with KakaoGames.
“We will resolve the issues about a merger before the IPO,” he added.
Kakao posted 101.3 billion won (US$89.98 million) revenue and 10.1 billion won operating profit last year. Its market value is estimated at around 500 billion won.
By Song Seung-hyun (firstname.lastname@example.org)