Ant Group-Backed Kakao Pay Seeks Up to $1.4 Billion in IPO

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.