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    A035720   KR7035720002

KAKAO CORP.

(A035720)
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Kakao : Pay pushes back planned $1.3 bln IPO to November

09/24/2021 | 04:51am EDT

SEOUL, Sept 24 (Reuters) - South Korean financial technology firm Kakao Pay Corp said on Friday it had decided to push back its planned initial public offering, worth as much as 1.5 trillion won ($1.28 billion), to November from October.

The news comes a day before the revised Financial Consumer Protection Act fully goes into effect, requiring financial services platform apps like Kakao Pay to halt financial product comparison and recommendation services unless they register with the regulator or receive a licence or permission.

Kakao Pay said it now aims to list on Nov 3, having announced in August it was seeking to do so on Oct. 14.

The company, 55%-owned by South Korea's top mobile messaging service company Kakao Corp and 45% by Ant Group's Alipay, provides financial services including money transfers, savings accounts and asset management.

"We updated our prospectus with investment risks, reflecting the revised Financial Consumer Protection Act, to help investors fully understand the reorganization of our services," Kakao Pay said in a statement.

In the filing it estimated its value at 11.7 trillion won. In August, it cut the indicative per share price range for the offering, which comprises 17 million new shares, to 60,000-90,000 won from 63,000-96,000.

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

($1 = 1,175.7300 won) (Reporting by Heekyong Yang and Joyce Lee; Editing by Kirsten Donovan and Jan Harvey)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
KAKAO CORP. 0.00% 128000 End-of-day quote.64.31%
S&P GSCI COCOA INDEX 2.00% 100.3535 Delayed Quote.-3.76%
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Analyst Recommendations on KAKAO CORP.
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Financials
Sales 2021 5 955 B 5,06 B 5,06 B
Net income 2021 920 B 0,78 B 0,78 B
Net cash 2021 3 786 B 3,21 B 3,21 B
P/E ratio 2021 54,4x
Yield 2021 0,03%
Capitalization 55 429 B 47 073 M 47 060 M
EV / Sales 2021 8,67x
EV / Sales 2022 6,66x
Nbr of Employees -
Free-Float 64,9%
Chart KAKAO CORP.
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Kakao Corp. Technical Analysis Chart | A035720 | KR7035720002 | MarketScreener
Technical analysis trends KAKAO CORP.
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 29
Last Close Price 128 000,00 KRW
Average target price 163 275,86 KRW
Spread / Average Target 27,6%
EPS Revisions
Managers and Directors
Min-Soo Yeo Co-Chief Executive Officer & Director
Su-Yong Jo Co-Chief Executive Officer & Director
Beom-Soo Kim Chairman
Tae-Sung Jung Head-Compliance Support
Kyu-Jin Cho Independent Director
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