Kakao Pay Updated its IPO Schedule

Kakao Pay kicked off its initial public offering (IPO) schedule, aiming to go public on KOSPI in October. The company updated its prospectus, adjusting the IPO share price to a range of 60,000 won to 90,000 won. The total number of shares remains 17 million.

Kakao Pay provides a one-stop platform for all financial services from digital payment and money transfer to investment, insureance, loan, and asset management. The company has been growing continuously in total payment volume and its profit structure.

The IPO of Kakao Pay is scheduled for October. The offering price will be fixed through the book-building process from the institutional investors on September 29 and 30. After receiving subscriptions from retail investors from October 5 to 6, Kakao Pay is planning its debut on KOSPI on October 14. The main underwriters for the deal are Samsung Securities, JP Morgan, and Goldman Sachs, with co-underwriter Daishin Securities. Korea Investment & Securities and Shinhan Investment will be joining as syndicate members.

“Kakao Pay is Korea’s biggest financial service platform that covers essential daily finance from digital payments, money transfer, insurance, loan, and asset management. We are pursuing innovative challenges through cooperating with about 130 financial service providers”, Kakao Pay CEO Alex Ryu said. The CEO added that the company will continue to bring about positive changes in the financial activities of more than 36.5 million users and enhance shareholder value based on its extensive usability, connectivity, and expandability.