KakaoBank, Expected Market Cap of 18.5 Trillion KRW... Public Offering Price Upper Limit 39,000 KRW

[Asia Economy Reporter Kiho Sung] KakaoBank's expected market capitalization for its initial public offering (IPO) is reported to reach a total of 18.5 trillion KRW.

On the 28th, KakaoBank announced through a public disclosure that it plans to raise 2.5 trillion KRW in new funds based on the upper limit of the public offering price. The public offering price is set between 33,000 KRW and 39,000 KRW, and calculating with the planned listing of 475,102,370 shares, the company's valuation based on the public offering price is analyzed to reach up to 18.5 trillion KRW.

KakaoBank also disclosed that it will accept general subscriptions from July 26 to 27 and plans to list the new shares on August 5. The lead underwriters are KB Securities and Credit Suisse.

KakaoBank, established in January 2016 as an internet-only bank, currently has Kakao as its largest shareholder with a 31.62% stake. Last year, on a separate basis, it achieved operating revenue of 804.2 billion KRW and a net profit of 113.6 billion KRW.

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