Shares of South Korea’s Cocoa Group surged after local newspaper Maeil reported interest Saudi public investment fund Invest in its Kakao Entertainment unit, a Korean company specializing in entertainment and publishing services, in partnership with 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 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, shares of Kakao Group are down about 50% since the beginning of this year.
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