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Kakao Corp. to Make IPO by May 2015

January 06, 2014 12:38 l January 06, 2014 13:00

Kakao Corp., the company running KakaoTalk, a free smartphone messenger app with free text and free call features, will list its shares in the stock market by May 2015. On January 6, the company said it has decided to make an IPO in May next year. For months, the rumors of Kakao's public listing have circulated but this is the first time the company disclosed a timetable.

After its release of KakaoTalk in March 2010, the company took a loss of 15.2 billion won in 2011. In 2012, its consolidated sales revenue was 46.18 billion won, with an operating profit of 6.98 billion won. KakaoTalk has 130 million subscribers with 13 different language versions across 230 countries all across the world.

Currently the shares of Kakao are traded in the over-the-counter market at around 90,000 won. Stock analysts estimate that the company's market value would be over 5 trillion won if it succeeds in achieving the 500-billion-won sales revenue target this year. The company said the funds earned from the public offering would be used to pay for business expansion overseas and other areas.