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Kakao Mobility becomes early test of Korea’s tougher listing rules

Kakao Mobility is considering a Nasdaq listing as pressure mounts from financial investors seeking an exit nearly nine years after their initial investment, as South Korea’s planned crackdown on spin-off listings of large conglomerates complicates the company’s domestic IPO options. According to investment banking sources on Monday, Kakao Mobility has selected Bank of America, Morgan Stanley and UBS as lead underwriters for a potential Nasdaq listing through American depositary receipts, or ADSs