KakaoPay IPO Delayed Until After September... What Is the Schedule for This Year?
[Asia Economy Reporter Kiho Sung] KakaoPay's initial public offering (IPO) schedule has been delayed until after September due to the financial authorities' request for corrections to the securities registration statement.
According to the financial investment industry on the 20th, KakaoPay is considering postponing its IPO schedule to late September to early October.
Originally, KakaoPay planned to finalize the public offering price through a demand forecast from institutional investors on the 29th to 30th of this month, followed by a general subscription on the 4th to 5th of next month. According to this plan, the listing was expected to take place on the 12th of next month. However, on the 16th, the Financial Supervisory Service requested corrections to the securities registration statement, causing a disruption in the schedule.
The reason for KakaoPay's listing schedule being delayed by more than a month is due to the deadline to complete the IPO using the first quarter financial statements stated in the securities registration statement.
The key issue is the '135-day rule.' According to regulations, since KakaoPay prepared its financial statements based on the first quarter, it must complete the listing by the 13th of next month, which is 135 days later. However, given the request for corrections to the securities registration statement, meeting this deadline has become practically impossible.
The securities registration statement becomes effective 15 business days after submission. Therefore, even if KakaoPay submits a corrected registration statement, it is impossible to list within the deadline. Accordingly, KakaoPay plans to prepare a new securities registration statement based on the half-year financial statements and submit it to the Financial Supervisory Service to reschedule the IPO.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Not Jealous of Winning the Lottery"... Entire Village Stunned as 200 Million Won Jackpot of Wild Ginseng Cluster Discovered at Jirisan
- "Rather Than Endure a 1.5 Million KRW Stipend, I'd Rather Earn 500 Million in the U.S." Top Talent from SNU and KAIST Are Leaving [Scientists Are Disappearing] ①
- "How Did an Employee Who Loved Samsung End Up Like This?"... Past Video of Samsung Electronics Union Chairman Resurfaces
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
As KakaoPay delays its schedule, attention is also focused on whether there will be any changes to the public offering price. The initial proposed price range was 63,000 KRW to 96,000 KRW.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
