SEOUL, Sept. 24 (Reuters) – South Korean fintech firm Kakao Pay Corp said on Friday that it has decided to postpone its slated 1.5 trillion won ($ 1.28 billion) IPO. , to November from October.
The news comes a day before the revised Financial Consumer Protection Law goes into effect, forcing financial services platform apps like Kakao Pay to discontinue financial product comparison and recommendation services, unless they do not register with the regulator or receive a license or authorization.
Kakao Pay said it is now considering registering on November 3, after announcing in August that it was looking to do so on October 14. read more
The company, 55% owned by South Korea’s leading mobile messaging company, Kakao Corp (035720.KS) and 45% owned by Ant Group’s Alipay (688688.SS), provides financial services including money transfers, savings accounts and asset management.
“We have updated our prospectus with investment risks, reflecting the revised Financial Consumer Protection Law, to help investors fully understand the reorganization of our services,” Kakao Pay said in a statement.
On the record, it estimated its worth at 11.7 trillion won. In August, he reduced the indicative per share price range for the offering, which includes 17 million new shares, from 63,000 won to 90,000 won to 60,000-90,000 won.
The main underwriters of the transaction are Samsung Securities, JP Morgan and Goldman Sachs.
($ 1 = 1,175.7,300 won)
Reporting by Heekyong Yang and Joyce Lee; Editing by Kirsten Donovan and Jan Harvey
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