SEOUL: Kakao Pay Corp, a South Korean fintech business, said on Friday that its planned initial public offering (IPO) next month might generate up to 1.6 trillion won (US$1.4 billion), at the high end of an indicated pricing range. According to a regulatory filing, Kakao Pay Corp, which is backed by Chinese e-commerce giant Ant Group, plans to issue 17 million new shares at a price range of 63,000-96,000 won per share.
Money transfers, savings accounts, and asset management are among the financial services offered by Kakao Corp, South Korea’s biggest mobile messaging service firm.
According to the regulatory filing, Kakao Corp is the largest stakeholder with 55 percent of Kakao Pay Corp, followed by Ant Group’s Alipay with 45 percent.
(1 US dollar = 1,135.4400 Korean won)
(Heekyong Yang contributed reporting, and David Goodman edited the piece.)/n
