Kakao Pay files for IPO on Korea Composite Stock Price Index

South Korea-based mobile payment company Kakao Pay has filed for an IPO on the Korea Composite Stock Price Index (KOSPI).

The FinTech company is offering 17 million shares at a price ranging between WON 63,000 ($55.58) to WON 96,000 ($84.69). Kakao is hoping to raise up to WON 1.6trn ($1.4bn).

Samsung Securities, JP Morgan and Goldman Sachs are the main underwriters for the deal, with Daishin Securities acting as the co-underwriters.

Kakao Pay claims to have an annual transaction volume of WON 67trn ($59bn) in 2020 and has already supported WON 22.8trn ($19bn) in the first quarter of 2021.

The company offers a mobile payments and digital wallet service to consumers. Its features include contactless payments through near-field communications and QR codes.

The FinTech company previously raised $200m from Ant Financial in 2017 to support its international growth.

There have been a handful of FinTech companies to apply for an IPO over the past month.

Last week, Riskified filed for its launch on the New York Stock Exchange. The e-commerce risk management platform did not reveal the prices of its shares.

SentinelOne, which offers autonomous AI endpoint security, also filed to launch on the New York Stock Exchange. The company increased its share price to be between $31 and $32 apiece, with the hopes of raising up to $1bn in the sale.

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