By Kwanwoo Jun
Kakao Bank Corp. is set to raise 2.553 trillion won ($2.22 billion) after finalizing its initial public offering price at the top end of a marketed price range.
The digital bank affiliated with South Korea's internet group Kakao Corp. has priced 65.45 million new shares at KRW39,000 each, according to a regulatory filing late Thursday
Citigroup Global Markets, Credit Suisse Securities and KB Securities are among the cornerstone investors taking big portions of shares in the listing due in August.
Kakao Bank was valued at more than KRW18 trillion, based on the total number of outstanding shares and the IPO price.
Market watchers expect the IPO to make Kakao Bank, which was launched in 2016 online without any brick-and-motar branches, the third largest lender in South Korea.
Kakao Bank has grown rapidly, helped by its parent's popular messaging service that 90% of South Koreans are actively using.
Write to Kwanwoo Jun at firstname.lastname@example.org
(END) Dow Jones Newswires