Kakao Mobility Corporation, a South Korean ride-hailing and connected technologies company, has submitted an application to launch an initial public offering (IPO) in the US with the aim of raising around US$ 1 billion in proceeds.

The company, which operates the Kakao T which provides ride hailing, navigation and parking services, withdrew plans four years ago to launch an IPO on the South Korean stock market after it faced scrutiny over local business practices, including allegations that it favored affiliated taxi drivers in assigning passenger calls.

More on autonomous tech

The mobility platform's parent company, Kakao Corporation, confirmed that the company submitted a “confidential” draft application on 2 July to the US Securities and Exchange Commission (SEC) for the launch of an American Depositary Receipt (ADR) offering, without revealing the offering size and other details.

A confidential application allows companies to undergo an SEC review before making detailed information about the offering public. Several US banks, including Morgan Stanley, UBS and Bank of America, have been Morgan Stanley and UBS, have reportedly been named as potential underwriters.