Popular Manga App Seeks 2023 IPO in Tokyo at $6 Billion Value
- Kakao Piccoma pushed back previous plan to list in December
- Asian messaging giants’ comic apps vie for top slot in Japan
This article is for subscribers only.
South Korean messaging giant Kakao Corp.’s manga business is pushing back plans to go public on the Tokyo Stock Exchange until next year, aiming for a valuation of $6 billion or more.
Manga app operator Kakao Piccoma Corp. had previously planned an initial public offering for this December, but is delaying the process amid slumping tech valuations, according to people familiar with the matter. Piccoma was valued at about 847 billion yen ($6.2 billion) when it raised funds last year, and the company hopes to maintain that threshold when it goes public, one of the people said. Its IPO will likely take place during the first half, but plans remain flexible and hinge on market prices, the people said.