South Korea’s Kakao Bank to raise over $2.2b in IPO
Shares were priced at the top end, at KRW39,000 ($34).
South Korea’s largest internet-only lender Kakao Bank will raise about $2.22b in its initial public offering (IPO) after its shares were priced at the top end of the pricing range, reports Reuters, according to a local bourse filing.
Shares were priced at KRW39,000 (about $34), the top of range announced at an earlier regulatory filing.
A total of 65.5 million newly-issued shares are on offer.
Demand was heavy, with a total of 1,667 domestic and foreign institutional investors placing bids totalling KRW2,585t—the largest amount of institutional bids ever for a South Korean IPO.
The listing, expected to be in August, will be the country’s biggest since game company Netmarble raised KRW2.7t in its 2017 IPO.
Here’s more from Reuters.