Kakao Group shares rose in South Korea after local newspaper Maeil reported that the Saudi Public Investment Fund was interested in investing in its unit Kakao Entertainment, a Korean entertainment and publishing services company, in collaboration with the GIC of Singapore.
The Public Investment Fund and GIC are expected to invest approximately $590 million in the company ahead of its initial public offering, expected next year.
Kakao Entertainment was taking in considering an initial public offering in New York in 2022 with an estimated valuation of $18 billion, the company’s CEO told Bloomberg last year, but the timetable now looks uncertain.
Interestingly, Kakao Group’s shares are down about 50% since the inception of quest’year.
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