[Aju News DB]
SEOUL, Jan. 18 (Aju News) -- South Korea's web service giant Kakao Corp. said Thursday it would issue global depository receipts (GDRs) worth one billion US dollars through Singapore's stock exchange next month to strengthen its clout in AI and web cartoon services.
A Kakao official said that new shares were subscribed earlier than the company expected thanks to explosive attention from foreign buyers. "The amount of the fund was the biggest ever to be raised by a South Korean company in the last 10 years," he said.
Kakao said the fund would help nurture its growth engine as it has strived to develop technologies related to AI and web service platforms for web cartoons, music and video. The company's popular messenger app KakaoTalk has 49.8 million monthly active users worldwide.
reporter
Park Sae-jin
swatchsjp@ajunews.com
