SEOUL : South Korea's Kakao Bank Corp jumped 38per cent above its initial public offering price on its market debut, amid growth expectations for the digital bank's planned mobile mortgage business and other offerings.
The digital bank began trading on Friday at 53,700 won per share compared to its IPO price of 39,000 won, then soared shortly after to as much as 74per cent above the IPO price. This compared with a 0.1per cent rise of the KOSPI benchmark index. Kakao Bank, South Korea's first digital bank to go public, became profitable in 2019 after less than two years in operation and has 13.35 million monthly active users , it said last month.
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