Kakao Pay raises KRW 1.5 trillion through IPO

Nieuws Mobiel Korea, republiek van 5 NOV 2021
Kakao Pay raises KRW 1.5 trillion through IPO

South Korean mobile payment platform Kakao Pay has made its stock market debut on 3 November, closing higher than its initial public offering (IPO) price, Yonhap news agency reports. According to Nikkei, Kakao Pay raised KRW 1.5 trillion (USD 1.3 billion) in its IPO, offering 17 million new shares.

Kakao Pay, the payments unit of South Korean messenger app developer Kakao Corp, closed the day at KRW 193,000 (approximately USD 163.28), up 7.22 percent from its opening price of KRW 180,000. Kakao Pay set the IPO price at KRW 90,000 per share, seeking to raise KRW 1.53 trillion through the IPO.

Kakao Pay’s market capitalization stood at KRW 25.2 trillion. Kakao Pay recently drew a total of KRW 5.66 trillion in deposits for the IPO subscription from retail investors.

Kakao Pay currently offers mobile payments, remittances, insurances and loans. The company posted a net loss of KRW 17.2 billion for 2020, and revenues of KRW 246 billion.

Categories:

Mobiel,  Internet

Companies:

Kakao

Countries:

Korea, republiek van

Tags:

Financial figures

Related Articles

KOREA, REPUBLIEK VAN 20 JAN 2022

Kakao appoints Nam Koong-whon as CEO

Kakao, the operator of South Korean mobile messenger KakaoTalk, has appointed Nam Koong-whon as its CEO, following the resignations of two former nominees, Yonhap news agency reports. Kakao said its board of directors accepted the resignation of incumbent co-CEO Yeo Min-soo, who was earlier named to lead the tech giant for another four years.

KOREA, REPUBLIEK VAN 12 JAN 2022

Kakao co-CEO nominee resigns over controversial stock selloffs

Kakao, the operator of South Korean mobile messenger KakaoTalk, has announced that its nominee for a new co-CEO, Ryu Young-joon, has resigned over controversial stock selloffs, Yonhap news agency reports. Ryu served as chief of Kakao's payment arm Kakao Pay, and was appointed to lead the company with incumbent co-CEO Yeo Min-soo on 25 November 2021.

KOREA, REPUBLIEK VAN 26 NOV 2021

Kakao appoints co-CEOs

Kakao has appointed Yeo Min-soo as its co-CEO for another 4-year term. Kakao's board of directors has also named Ryu Young-joon as its co-CEO. He previously served as chief of Kakao's payment arm Kakao Pay, Yonhap news agency reports.

KOREA, REPUBLIEK VAN 25 OCT 2021

Kakao Pay starts 2-day public subscription for IPO

Kakao Pay, the mobile payment service arm of South Korean messenger app Kakao, has launched a 2-day public subscription for its initial public offering (IPO), Yonhap news agency reports. Kakao Pay has allowed retail investors to subscribe to 4.25 million new common shares to be sold under the IPO slated for 3 November, or 25 percent of the total share sale.

KOREA, REPUBLIEK VAN 1 SEP 2021

Kakao Pay to raise up to KRW 1.5 trillion in IPO

Korea's Kakao Pay filed an updated prospectus and kicked off its initial public offering, aiming to go public on the Kospi market in October. The company is offering 17 million shares for sale, at a price of KRW 60,000-90,000, slightly lower than its earlier indicated range. This puts the gross proceeds at KRW 1.53 trillion at the top of the new price range. 

KOREA, REPUBLIEK VAN 6 OCT 2020

Korea regulator says Naver breaches fair trade rules, shows only products purchased via Naver Pay

Naver has infringed South Korea's fair trade law by limiting what a customer sees in search results to only what can be acquired with its payment system dubbed 'Naver Pay', The Korea Times reports, citing a statement from the National Assembly Research Service (NARS). The legislative research agency also said this case could be considered an abuse of monopoly power.

Just In

19 DEC 16:42

SLT-Mobitel launches 5G network in Sri Lanka

19 DEC 16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

19 DEC 15:56

UK govt to ban AI-enabled nudification apps to protect women, girls

19 DEC 15:42

3 UK launches last-minute Christmas sale

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.