Kakao Corp., Korea’s leading messaging app operator, said on Wednesday that it received a go-ahead from its shareholders on its plan to move from the secondary Kosdaq market to the main Kospi bourse.
In April, the company announced it was reviewing the idea of switching the market, and on May 25 filed its plan with the Korea Exchange.
As it is eligible for fast-track list procedures, the stock will likely gain approval from the market authority on July 23. Upon approval, it will delist itself from Kosdaq and join the bigger Kospi market.
Kakao, after a merger with Daum Communications, went public through the Kosdaq market in 2014 under the name Daum Kakao. In 2015, it was rebranded to Kakao.
Kakao has been an IT bellwether on the secondary market. In market cap, it follows Celltrion Inc. worth 12.6 trillion won, with its value at 7.13 trillion won ($6.34 billion).
It would join the top 50 market cap rank on the Kospi.
Shares of Kakao closed Wednesday at 106,400 won, 0.47 percent down from the previous session.
By Oh Chan-jong
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