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Ant-backed Kakao Pay expects IPO to raise up to $1 4 billion
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Ant-backed Kakao Pay expects IPO to raise up to US$1 4bil
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Ye-Jin Jun 5 HOURS AGO
ENG
Kakao Pay Corp., aiming to list on South Korea s main stock exchange this year, has valued itself at as much as 16 trillion won ($14.4 billion), or 60% higher than the market consensus of 10 trillion won, according to brokerage industry sources on Apr. 27.
The Korean mobile fintech platform had mistakenly revealed its proposed price band for an initial public offering when it submitted an IPO application on Monday. The numbers, embedded in the preliminary documents, are now removed at the request of the IPO underwriters.
Generally, the price range is made public when an IPO candidate submits a formal document after winning preliminary approval from the stock exchange.
Kakao Pay CEO Alex Ryu
Kakao Pay Corp., a unit of South Korea s largest mobile messaging app Kakao Corp., submitted an application for its initial public offering with the Korea Exchange on Monday, set to become the country s first mobile fintech platform to go public, according to investment banking sources.
Unless there is an eligibility issue for its No.2 shareholder China s Ant Group as a major shareholder, Kakao Pay s IPO is expected to win approval in July at its earliest.
The IPO will likely take place almost simultaneously with its affiliate Kakao Bank. The mobile banking app submitted an IPO application on Apr. 15. If listed, Kakao Bank will become the country s first Internet-only bank traded on the Korea Exchange, as well.