[Featured Stock] Kakao Surges 4% on KakaoPay IPO News
[Asia Economy Reporter Ji Yeon-jin] Kakao is soaring on the 27th as news of the electronic payment company Kakao Pay's listing spreads.
As of 9:36 AM on the same day, Kakao is trading on the KOSPI market at 123,000 KRW, up 4.24% compared to the previous day.
Earlier, Kakao Pay announced that it had submitted an application for preliminary review of stock listing to the Korea Exchange. Following Kakao Bank, Kakao Pay is also pursuing an initial public offering (IPO), which is interpreted as the reason for the significant rise in Kakao's stock price today.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
Starting in September 2014 as Korea's first simple payment service, Kakao Pay spun off in April 2017 and launched as Kakao's tech-fin specialized subsidiary. Since then, in just four years, it has surpassed 36 million cumulative users and established itself as a leading domestic lifestyle financial platform. The largest shareholder is Kakao (55%).
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
