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Miguel Cordon · · 1 min readKorean startup Kakao’s online lending biz looks to raise $2.3b in IPO plans
“Kakao Bank, the internet-only lender backed by South Korea’s Kakao, is planning to raise as much as US$2.3 billion in an initial public offering, joining a rush by the nation’s companies to sell shares,” Bloomberg reported.
Details:
- The bank is looking to sell 65.45 million new shares at between 33,000 won (US$29.17) and 39,000 won (US$34.48) apiece to raise the amount.
- The IPO’s size could set Kakao Bank’s market capitalization at over US$16 billion, based on the company’s total outstanding stock after the offering.
Context:
- Kakao Bank’s trading debut would be the latest among South Korean companies, following that of online retailer Coupang and the proposed IPO of gaming giant Krafton.
- The development comes as competition in Korea’s online banking space continues to swell, with mobile financial service platform Toss planning to launch its own offering as early as September this year.
Editing by Collin Furtado and Eileen C. Ang
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