Ant Group-Backed Kakao Pay Seeks Up to $1.4 Billion in IPO
- Kakao Pay joins Krafton, Kakao Bank in filing for IPOs
- The company is planning to offer securities trading, insurance
Kakao Pay Corp., South Korea’s largest online payment service with 36 million users, is seeking to raise as much as 1.63 trillion won ($1.4 billion) in an initial public offering in Seoul, following blockbuster IPO filings from Kakao Bank and Krafton Inc. this week.
The Pangyo-based fintech company will sell 17 million new shares at 63,000 won to 96,000 won apiece, Kakao Pay said in a filing on Friday. At the top of the range, its market capitalization could exceed $11 billion. The firm is scheduled to debut on August 12.