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(LEAD) Kakao Pay basks in successful stock market debut

All News 15:59 November 03, 2021

(ATTN: RECASTS headline; UPDATES stock data in paras 2,4)
By Chung Joo-won

SEOUL, Nov. 3 (Yonhap) -- South Korean mobile payment service Kakao Pay made a successful stock market debut on Wednesday, closing sharply higher than its initial public offering (IPO) price.

The payment arm of Kakao Corp., South Korea's top messenger app, closed at 193,000 won (US$163.28), up 7.22 percent from its opening price of 180,000 won.

Kakao Pay set the IPO price at 90,000 won per share, seeking to raise 1.53 trillion won through the IPO.

The firm's market capitalization stood at 25.2 trillion won, the 14th largest on the KOSPI after giant steelmaker POSCO.

This image provided by Kakao Pay shows its logo. (PHOTO NOT FOR SALE) (Yonhap)

Last week, Kakao Pay drew a total of 5.66 trillion won in deposits for IPO subscription from retail investors.

Kakao Pay spun off from its parent Kakao in 2017 and grew into the country's top mobile payment service company with a membership of more than 20 million as of end-June.

The company offers financial services, including mobile payment, remittance, insurance and loans.

It registered a net loss of 17.2 billion won last year, with sales of 246 billion won.


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