South Korea Kakao Bank IPO Rises 80% on Day 1, Became Most Valuable Financial Group with Market Value of $28.7 Billion
6th August 2021 | Hong Kong
South Korea Kakao Bank has IPO in South Korea (Korea Exchange – KRX), rising 80% (78.97%) from IPO price on Day 1 with a market capitalization of $28.7 billion (IPO Price: 39,000 KRW, Day 1 Close: 69,800 5/8/21). With the IPO and raising $2.2 billion, Kakao Bank became South Korea most valuable financial firm by market capitalization ($28.7 billion) and is larger than South Korea’s largest banking group, KB Financial and Shinhan Bank. Launched in 2017, Kakao Bank became profitable within 2 years in 2019 and in just 5 days of launch, over 1 million customers opened mobile bank account with Kakao Bank. Kakao Bank largest shareholder is Kakao Corporation (27.3%), which is South Korea’s top internet company best-known for its chat app, KakaoTalk. Kakao Corporation founder Kim Beom-Su is South Korea’s richest man with more than $16 billion personal fortune (June 2021) and has pledged to give more than half his assets away through The Giving Pledge founded by Microsoft chairman Bill Gates and his then-wife Melinda Gates along with Berkshire Hathaway chairman Warren Buffett with a total of 40 billionaires. (IPO ~ Initial Public Offering)
“ Kakao Bank IPO Rises 80% on Day 1, Became Most Valuable Financial Group with Market Value of $28.7 Billion “
Kakao Bank, Launched in 2017
Kakao Bank was launched in 2017. In just 5 days of launch, over 1 million customers opening mobile bank account with Kakao Bank. Within 2 years of launch, Kakao Bank and with no physical branches became profitable. Today, Kakao Bank has 13 million monthly active users and 16 million customers (March 2021). In 2020, Kakao Bank reported net profit of $98.5 million.
Kakao Bank largest shareholder (27.3%) is Kakao Corporation, which is South Korea’s top internet company best-known for its chat app, KakaoTalk.
Related:
- Kakao Founder Kim Beom-Su Becomes South Korea Richest Man with $16 Billion Fortune
- South Korean Billionaire & Chairman of Kakao Kim Beom-Su to Give More than Half His $10 Billion Fortune Away
- South Korea E-Commerce Giant Coupang IPO on NYSE, Rises 41% on Day 1
Kakao Corporation is a mobile life platform company that provides innovative services in global mobile and internet markets, building on its employees with profound knowledge and experience, technological capabilities, quality contents and highly competitive mobile traffic. Under the corporate vision, “Making a better world with people and technology”, we connect everything in our everyday lives, enabling anyone to experience innovations on a daily basis.
The Kakao Corp. headquarters can be found on Jeju Island with an integrated metropolitan office in Pangyo, where over 2,300 employees in total are working today. Daum Communications, established in 1995, and Kakao, founded in 2006, merged on October 1, 2014 to become Daum Kakao. The name of the company was changed to Kakao on September 23, 2015, and to become a company at the forefront of the mobile era.
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