,South Korea

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.

Also Read: South Korean incumbent banks’ profits at risk as Kakao Bank expands loan services

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.

Also Read: How kakaobank successfully cracked the profitability code two years after rocket launch

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.

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