Kakao Pay begins 2-day IPO subscription

Asia's Tech News Daily

SEOUL, Oct. 25 (Yonhap) — Kakao Pay, the mobile payment service arm of Kakao Corp., South Korea’s top messenger app, on Monday kicked off a two-day public subscription for its initial public offering (IPO), seen as this year’s last high-profile share sale.

Kakao Pay has allowed retail investors to subscribe to 4.25 million new common shares to be sold under the IPO slated for Nov. 3, or 25 percent of the total share sale.

Kakao Pay has set the IPO price at 90,000 won (US$76.5) per share, which will enable the company to raise 1.53 trillion won through the share sale to individual investors.

Kakao Pay’s market capitalization is expected to reach 11.7 trillion won after its market debut, which would make the fintech firm rank among the top 30 market caps.

Last week, Kakao Pay conducted a demand forecast for institutional investors, which found its IPO would be 1,714.47 times oversubscribed.

Samsung Securities Co., Korea Investment & Securities Co. and two other brokerage houses will receive subscriptions from retail investors for Kakao Pay shares.

Kakao Pay branched off from the parent Kakao in 2017. Its current services include mobile payment, remittance, insurance and loans.

Kakao Pay is South Korea’s top mobile payment service company with a membership of more than 20 million as of end-June.

Kakao Pay begins 2-day IPO subscription

(END)

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