Kakao Mobility has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission for a Nasdaq listing of American Depositary Receipts worth up to $1 billion. The offering is expected to rely primarily on existing shares rather than new issuance, making it more likely to serve as an exit for TPG, which owns roughly 29% of the company, than as a major source of fresh capital. TPG and its consortium invested about 640 billion won, or roughly $462 million, across rounds in 2017 and 2021. Kakao Mobility’s board approved the ADR plan, appointing Bank of America, Morgan Stanley and UBS as lead underwriters. The U.S. route follows South Korea’s 2023 revisions to dual-listing rules, which introduced minority-shareholder safeguards and stalled the company’s domestic IPO ambitions. Kakao Mobility is South Korea’s dominant ride-hailing platform, operating within the Kakao ecosystem, while Kakao Corp. retains a 57% stake.