Kakao Games Corp., a game company under Kakao Corp. which operates South Korea's most-used mobile messenger KakaoTalk, is pushing to go public, industry sources said Friday, as part of efforts to boost its competitiveness and aggressively go abroad.
Kakao Games sent out a request for proposals for the initial public offering (IPO) to several local investment banks and will soon select one to seek a listing on the tech-heavy KOSDAQ, they said.
This photo captured from a website of the Korean Intellectual Property Office shows a design of Samsung's disc-shaped drone. (Yonhap)
"The company is reviewing the IPO," said a company official.
"The listing should be carried out in consideration of the market conditions and other factors in the industry, so we cannot yet tell when or whether to be listed on the KOSDAQ."
It would mark the first time for one of the affiliates of Kakao to go public. Kakao is known to own nearly 70 percent of the game company's stakes.
The company changed its name in July as it prepares to strengthen its role in the global games industry by launching games on different platforms including smartphones, computers and virtual reality devices. (Yonhap)