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Korea’s Largest Payments App More Than Doubles in Debut
Kakao Pay is the latest in a line of Kakao Corp. units to go public. Banking affiliate KakaoBank Corp., which raised $2.2 billion in its own listing, has dropped nearly a third from its record high after the regulatory crackdown, though the shares are still up more than 56% from its IPO price.
“The successful IPO of Kakao Pay could enhance the convenience of Kakao Corp.’s ecosystem,” said Bloomberg Intelligence analyst Rena Kwok. “This may bode well for KakaoBank, as the neobank seems well-placed to ride on a rising trend of online banking transactions through 2025.”Kakao Pay Corp $Kao (ADR) (KAOOY.US)$ ., South Korea’s largest mobile payments app, more than doubled in its debut in Seoul, following a rocky path to public markets that was marked by heightened regulatory scrutiny.
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