KakaoBank Soars Over 70% in Korean Online Lender’s Debut
- Bank’s $2.2 billion IPO is Korea’s second-largest this year
- Company becomes Korea’s biggest lender by market cap
This article is for subscribers only.
KakaoBank Corp., South Korea’s first internet-only lender to go public, surged more than 70% in its trading debut in Seoul to become the country’s largest retail lender by market value.
The stock’s jump of as much as 74% gave the company, which doesn’t have brick-and-mortar branches, a market capitalization of more than 32 trillion won ($28 billion), bigger than the country’s traditional financial groups. It was up 62% at 11:10 a.m. in Seoul.