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Korea’s Kakao Bank Seeks As Much as $2.3 Billion in IPO

  • Internet-only lender plans to sell 65.45 million new shares
  • Affiliate Kakao Pay gets preliminary approval for its IPO
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Kakao Bank, the internet-only lender backed by South Korea’s Kakao Corp., is planning to raise as much as $2.3 billion in an initial public offering, joining a rush by the nation’s companies to sell shares.

The bank is selling 65.45 million new shares at between 33,000 won and 39,000 won apiece, according to a filing Monday. At the top end of the range, the company would raise 2.55 trillion won and have a market capitalization of more than $16 billion, based on the total outstanding stock after the debut. The listing could make Kakao Bank the third most valuable lender in Korea, after KB Financial Group Inc. and Shinhan Financial Group Co.