Kbank sets IPO price at bottom end of range to raise $345 million

SEOUL, Feb 12 : South Korean online lender Kbank said on Thursday it had priced its initial public offering (IPO) at the bottom end of its indicative range to raise 498 billion won ($345.81 million).

Kbank shares were priced at 8,300 won, compared with an indicative range of 8,300-9,500 won per share, the company said in a regulatory filing.

The bank selected the bottom of the range to minimise volatility of the stock price after the IPO, it said in a statement. The market cap after listing will start at 3.3 trillion won, it said.

The lender is seeking to spend the proceeds on loans for small and medium-sized enterprises, as well as investing in banking technology and digital assets.

($1 = 1,440.1000 won)