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KakaoBank to Raise $2.2 Billion as Korean IPO Boom Continues

  • Bank sets issuance price at top of range at 39,000 won
  • Lender’s IPO set to become Korea’s second largest for 2021
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WATCH: KakaoBank, an internet-only retail lender, is set to raise $2.2 billion in its IPO. Youkyung Lee reports.(Source: Bloomberg)
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KakaoBank Corp. is set to raise 2.55 trillion won ($2.2 billion) after the internet-only retail lender backed by South Korea’s Kakao Corp. priced its initial public offering at the top of a marketed range.

The bank, which operates no brick-and-mortar branches, priced 65.45 million new shares at 39,000 won apiece, according to a filing Thursday, giving it a value of 18.5 trillion won. That would make it the nation’s most valuable retail lender after KB Financial Group Inc. and Shinhan Financial Group Co.