Kbank taking second stab at IPO with target of $739.5 million

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Kbank taking second stab at IPO with target of $739.5 million

Published: 13 Sep. 2024, 16:25

SHIN HA-NEE
shin.hanee@joongang.co.kr

Kbank headquarters building in central Seoul [KBANK]

Internet-only Kbank aims to go public in an initial public offering (IPO) next month with a target of raising up to 984 billion won ($739.5 million).

The firm filed a securities report to the Financial Services Commission for a listing on the main Kospi bourse on Wednesday.

This is the online bank's second attempt at going public, almost two years after scrapping an earlier IPO plan due to weak investor sentiment amid interest rate hikes back in 2022.

Kbank said that it plans to utilize the funds raised by the planned IPO to expand loan offerings for small businesses and diversify its investment portfolio into foreign currencies, virtual assets and more.

A total of 82 million shares will be open for subscription, with a price band set between 9,500 won and 12,000 won. If the price is set at the upper end of the proposed band, the bank may raise up to 984 billion won, with an estimated market capitalization of around 5 trillion won.

The book building will run from Oct. 10 to 16 for institutional investors, and the subscription will be open for two days starting on Oct. 21. NH Investment & Securities, KB Securities and the Bank of America are the main underwriters.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]