Korea’s Kakao Pay Raises $1.3 Billion in Seoul IPO, Source Says
- IPO attracts strong demand from institutional investors
- Regulators have been stepping up scrutiny over tech firms
The Kakao Pay app.
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Kakao Pay Corp., South Korea’s largest online payment service, raised 1.53 trillion won ($1.3 billion) in its initial public offering after pricing shares at the top of a marketed range.
The company sold shares at 90,000 won apiece, according to a filing on Friday. Kakao Pay had marketed 17 million shares for 60,000 won to 90,000 won each, a lowered range that initially went as high as 96,000 won.