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Kakao Pay pushes back IPO to November

Kakao Pay pushes back IPO to November

The Kakao Bank app is seen on a mobile phone screen displayed in front of the lender's logo in this illustration picture taken on Aug 6, 2021. (Image: Reuters/Florence Lo)

SEOUL: South Korean fintech company Kakao Pay Corp said on Friday (Sep 24) it has decided to push back its planned initial public offering (IPO) worth up to 1.5 trillion won (US$1.28 billion) to November from October.

The decision comes a day before the newly revised Financial Consumer Protection Act fully goes into effect, requiring financial services platform apps such as Kakao Pay to halt financial product comparison and recommendation services unless they register with the regulator or receive a licence or permission to carry out the service.

Kakao Pay, backed by China's Ant Group, said it aims to list on Nov 3 and the main underwriters for the deal are Samsung Securities, JP Morgan, and Goldman Sachs.

In August, Kakao Pay said it was seeking to list shares on Oct 14.

Source: Reuters/aj

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