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South Korea's Kakao seeks US$1B in Singapore IPO

Kakao Corp. will issue global depositary receipts worth US$1 billion to foreign investors to list itself on the Singapore Exchange in February 2018.

The South Korean internet company plans to use the money raised to invest in mobile content and platform businesses as well as artificial intelligence technologies and for use in global M&A.

The messaging app operator will issue 7,546,520 new shares at the Singapore Exchange on Feb. 2, 2018, according to Maeil Business News Korea. The company reportedly chose to list in Singapore for its ease in attracting foreign investors.

Citigroup Global Markets and Goldman Sachs will oversee the IPO.