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Ant-backed Kakao Pay expects IPO to raise up to US$1.4 billion

SEOUL: South Korean fintech company Kakao Pay Corp's planned initial public offering (IPO) next month is expected to raise up to 1.6 trillion won (US$1.4 billion), at the top end of an indicative price range, it said on Friday.

Kakao Pay Corp, which is backed by Chinese e-commerce company Ant Group, expects to offer 17 million new shares in an indicative range of 63,000-96,000 won per share, it said in a regulatory filing.

The unit of South Korea's top mobile messaging service company, Kakao Corp, provides financial services including money transfers, savings accounts and asset management.

Kakao Corp is the largest shareholder with 55per cent of Kakao Pay Corp, followed Ant Group's Alipay with 45per cent, the regulatory filing showed.

(US$1 = 1,135.4400 won)

(Reporting by Heekyong Yang; Editing by David Goodman)

Source: Reuters

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