K bank, South Korea’s first internet-only bank, has passed a preliminary review by the Korea Exchange for its planned IPO.

The review clears a major hurdle but is not final approval.

Founded in 2016, K bank previously postponed IPO attempts in 2022 due to a market slump and again in 2024 because of weak investor demand.

The current IPO must be completed by July 2026 under agreements with investors including Bain Capital, MBK Partners, and JS Private Equity.

If it fails, BC Card may need to return funds, possibly by selling part or all of its 34% stake.

K bank has cut its offering to 60 million shares and lowered its target valuation to 3.6 trillion won (US$2.4 billion) to 3.9 trillion won (US$2.6 billion).

🔗 Source: The Korea Herald