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S Korea's Kakao Pay prices IPO at top of range to raise US$1.3 billion

SEOUL : South Korea's Kakao Pay Corp has priced its initial public offering (IPO) at the top of its indicative range to raise 1.5 trillion won (US$1.28 billion), the fintech company said on Friday.

Kakao Pay shares were priced at 90,000 won per share after an indicative range of 60,000-90,000 won, the company said in a regulatory filing.

Backed by Ant Group, the company cut its IPO target by 6per cent in late August after a regulator said it needed to resubmit its IPO registration statement.

Last month, Kakao Pay delayed its IPO to November from October.

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

The company, in which Kakao Corp holds 55per cent and Ant Group's Alipay holds 45per cent, estimated its value at 11.7 trillion won, according to the filing.

The main underwriters for the deal are Samsung Securities, JP Morgan and Goldman Sachs.

It is expected to list on Nov. 3.

(US$1 = 1,174.2200 won)

(Reporting by Heekyong Yang; editing by Jason Neely)

Source: Reuters


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