▶주메뉴 바로가기

▶본문 바로가기

The Korea Herald
검색폼

THE INVESTOR
March 29, 2024

Stocks & Bonds

Kakao applies for KOSPI listing

  • PUBLISHED :May 25, 2017 - 18:08
  • UPDATED :May 25, 2017 - 18:08
  • 폰트작게
  • 폰트크게
  • facebook
  • sms
  • print

[THE INVESTOR] Kakao, the Korean Internet giant that operates the immensely popular KakaoTalk mobile messenger, on May 25 submiited an application for preliminary review for its initial public offering on the the nation's benchmark bourse KOSPI, leaving tech-heavvy KOSDAQ. 
 
With a market capitalization of 6.6 trillion won (US$5.9 billion), Kakao is the second-largest listed firm on the KOSDAQ next only to Celltrion, a leading biopharmaceutical company with valued at 11.5 trillion won.

The bourse operator Korea Exchange said it will finish the review on Kakao listing before June 23 as the tech company is eligible for a fast track designed for big companies with solid financial status.

The market cap would make Kakao the 45th largest company on the main bourse as of May 25, outpacing some big names such as GS Holdings.

Analysts said the company’s KOSPI relisting could further boost its share price in the future.

“Its KOSPI listing will help Kakao gain more attention from overseas institutional investors and raise the share price,” Kim Dong-hee, an analyst at Meritz Securities, told The Investor, citing its archrival Naver’s departure from the tech-laden KOSDAQ in 2008.

Currently, Naver’s market cap amounts to 28 trillion won, almost triple the size of Kakao. Netmarble Games, the nation’s largest mobile game maker, has also chosen KOSPI for its stock debut in May.

Kakao made a backdoor listing on KOSDAQ in October 2014 when it was merged with Daum Communications. Its revenue and operating profit last year stood at 861 billion won and 38.2 billion won, respectively.

By Park Ga-young (gypark@heraldcorp.com)

EDITOR'S PICKS