Kakao Pay pushes back planned 1.5 trln won IPO to Nov

Kakao Pay pushes back planned 1.5 trln won IPO to Nov

SEOUL, Sept 24 (Reuters) – South Korean monetary innovation company Kakao Pay Corp stated on Friday it had actually chosen to press back its prepared going public, worth as much as 1.5 trillion won ($ 1.28 billion), to November from October.

The news comes a day prior to the modified Financial Consumer Protection Act completely enters into result, needing monetary services platform apps like Kakao Pay to stop monetary item contrast and suggestion services unless they sign up with the regulator or get a licence or consent.

Kakao Pay stated it now intends to note on Nov 3, having actually revealed in August it was looking for to do so on Oct. 14. learn more

The business, 55%- owned by South Korea’s leading mobile messaging service business Kakao Corp (035720 KS) and 45%by Ant Group’s (688688 SS) Alipay, offers monetary services consisting of cash transfers, cost savings accounts and possession management.

” We upgraded our prospectus with financial investment threats, showing the modified Financial Consumer Protection Act, to assist financiers completely comprehend the reorganization of our services,” Kakao Pay stated in a declaration.

In the filing it approximated its worth at 11.7 trillion won. In August, it cut the a sign per share cost variety for the offering, which consists of 17 million brand-new shares, to 60,000-90,000 won from 63,000-96,000

The primary underwriters for the offer are Samsung Securities, JP Morgan, and Goldman Sachs.

($ 1 = 1,1757300 won)

Reporting by Heekyong Yang and Joyce Lee; Editing by Kirsten Donovan and Jan Harvey

Our Standards: The Thomson Reuters Trust Principles.

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