TPG sells part of stake in Kakao Mobility at $6.8 bil valuation Sale will pave way for higher valuation in Korean taxi-hailing firm’s planned IPO
Translated by Ryu Ho-joung 공개 2022-04-21 08:10:30
이 기사는 2022년 04월 21일 08:07 thebell 에 표출된 기사입니다.
Private equity firm TPG has made a partial exit from Kakao Mobility with a return of over five times invested capital, paving the way for a much higher valuation in the South Korean company’s planned initial public offering.TPG recently agreed to sell a 120 billion won ($96.8 million) stake in the mobility arm of Kakao Corp to an unnamed investment firm, sources said.
The deal valued the company at 8.5 trillion won, according to sources. The buyer reportedly showed strong interest in Kakao Mobility due to its leading market position and growth prospects, and wanted to secure shares as many as possible.
Kakao Mobility, whose main business is a taxi-hailing service, is estimated to be valued at about 15 trillion won in its planned public listing. Daishin Securities, one of its bookrunners, even put a 21 trillion won valuation on the company when the brokerage firm pitched for a role on the IPO.
TPG is expected to reap big from its partial exit from Kakao Mobility. A consortium led by the US private equity firm bought a 30% stake in the company for 500 billion won in 2017, representing a value of 1.6 trillion won.
Shin-Won Yoon, a managing director at TPG who led the investment in Kakao Mobility, has since closely worked with the company to grow it to South Korea’s Uber.
The company has continued to raise funds externally amid its rapid growth over the past five years. Its investors include private equity firm Carlyle Group and tech giant Google, which put 220 billion won and 56.5 billion won into the company, respectively, in February and March 2021.
In June 2021 TPG additionally invested 130 billion won, including a 110 billion won commitment from South Korea’s National Pension Service. Carlyle also invested a further 9 billion won in the same month.
Kakao Mobility also raised money from the country’s conglomerates LG Group and GS Group in the second half of last year. GS Retail’s investment in December bestowed a 5 trillion won valuation on the company.
TPG, which is known for its investment in Uber, is expected to further boost its track record in the mobility sector with its full exit from Kakao Mobility in the future. The company’s successful market debut in Seoul could give the private equity firm a return of over 10 times invested capital, industry watchers said.
TPG’s latest partial exit will help pave the way for a higher valuation in the company’s IPO. Kakao Mobility also plans to step up its expansion into overseas markets this year.
“Kakao Mobility’s IPO is expected to go smoothly as it is drawing strong interest from domestic and international investors,” an investment banking source said. (Reporting by Se-hun Jo)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 스튜디오산타클로스ENT, 주주권익 보호 '구슬땀'
- 이에이트, AI 시뮬레이션·디지털 트윈 기술 선보여
- MBK, '몸값 2조' 지오영 인수 SPA 체결 임박
- [2024 더벨 글로벌 투자 로드쇼-베트남]한인이 설립한 RCE, 세계 첫 ‘중장비 온라인 중고거래’
- 회계법인 해솔, 부동산 타당성 자문 업무협약
- [2024 더벨 글로벌 투자 로드쇼-베트남]베트남의 지오영 '바이메드'·전기오토바이 '셀렉스' 눈길
- 지아이에스, 코스닥 상장 위한 예비심사신청서 제출
- [꿈틀대는 토큰증권 시장]'업계 표준' 루센트블록, '두자릿수' 레코드 조준
- [Company & IB]조달 '막바지' 롯데그룹, 롯데케미칼에 쏠리는 눈
- '910억 CB 발행' 아스트, 경영 정상화 속도 낸다