SEOUL, June 28 (Yonhap) — Kakao Bank, South Korea’s largest internet-only bank, said Monday that it plans to raise 2 trillion won (US$1.76 billion) through an initial public offering (IPO).

The company plans to sell 65.45 million shares and has set its IPO price range between 33,000 won to 39,000 won per share, according to a regulatory filing.

Kakao Bank’s value is estimated to be as much as 18.5 trillion won following its IPO scheduled for early August.
Kakao Bank, led by Kakao Corp., the operator of the country’s dominant messaging app KakaoTalk, has gained popularity among mobile-savvy customers in recent years.

The internet-only bank is open around the clock, and all of its services can be done without face-to-face contact between customers and bank branches, offering convenience to customers who do not have the time to visit lenders during work hours.

Source: Yonhap News Agency