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Roehl Niño Bautista · · 1 min readAnt-backed Korean payment major Kakao Pay reduces IPO target to $1.3b
“Kakao Pay, South Korea’s largest online payment service, lowered its targeted initial public offering to US$1.3 billion at the behest of Korean regulators concerned about soaring tech valuations,” reported Bloomberg.
Details:
- Kakao Pay initially planned to offer 17 million shares, each one priced between 63,000 won (US$54) to 93,000 won (US$$80), but it scaled this back to the 60,000 won (US$52) to 90,000 won (US$ 78) range.
- It follows the lead of PUBG developer Krafton after regulators expressed similar concerns about its valuation and compared it with overseas peers.
Dive deeper:
- Ant Group-backed Kakao Pay’s IPO scheduled for October 14 has a maximum market capitalization of 11.7 trillion won (US$10.1 billion).
- In 2020, Kakao Pay registered 28 billion won (US$24.2 million) in revenue, with transactions for the first half of 2021 up by 67% and payment services up by 82%, added Bloomberg.
Currency converted from US dollar to South Korean won: US$1 = 1156.28 won
Editing by Collin Furtado and Jaclyn Tiu
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