Kakao Piccoma delays plans to go public on Tokyo Exchange to next year

Home > Business > Tech

print dictionary print

Kakao Piccoma delays plans to go public on Tokyo Exchange to next year

Kakao Piccoma, Kakao’s Japanese webtoon subsidiary, will push back its plan to go public on the Tokyo Exchange to sometime next year, according to a Bloomberg report Tuesday.
According to the report, Kakao Piccoma initially planned to go public by December but postponed plans “amid slumping tech valuations.” It will likely go public during the first half of 2023 with a target valuation of $6 billion or more, the report said.
Kakao Piccoma was founded as Kakao Japan in 2011 and changed its name to Kakao Piccoma in November last year to broaden its scope to the global market. It now operates Piccoma in Japan and France. It is 72.9 percent owned by Kakao and 18.2 percent by Kakao Entertainment.
Piccoma’s gross merchandise volume (GMV) came in at 23.2 billion yen ($169.1 million) during the second quarter of this year, 37 percent higher than the previous year. The service’s GMV has been increasing for 25 consecutive quarters since launching in April 2016, according to Kakao Piccoma.
“We are planning to go public, but we have not confirmed the date or method for our initial public offering,” said a spokesperson. “We are working on the details and we will share information when it becomes more concrete.”
Kakao Entertainment, the Kakao content subsidiary 75 percent owned by Kakao, also canceled its plans to go public in the U.S. stock market this year amid the slowing economy and public backlash on its market dominance.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)