Kakao Pay files registration statement for IPO

Kakao Pay submitted a securities registration statement to the Financial Supervisory Service Friday.

It is offering 17 million shares between 63,000 won ($55.71) and 96,000 won. The company is hoping to raise as much as 1.6 trillion won from the offering.

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

The mobile payment arm under Kakao said it will distribute shares equally to all retail investors subscribing to the IPO, rather than allocating more to those willing to fund larger deposits. It is the first company to do so.

Under this system, all retail investors participating in the subscription will get at least one share of the company.

The subscription will be held for two days from Aug. 4.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]