By Kwanwoo Jun
The gaming unit of South Korea's leading messaging-app operator Kakao Corp. seeks to raise 384 billion won ($322.6 million) by listing on South Korea's stock exchange.
Kakao Games Corp. plans to sell 16 million new shares at KRW24,000 each in Thursday's initial public offering, Kakao said in a regulatory filing Wednesday.
Proceeds from the IPO on the tech-heavy Kosdaq will be used for working- capital needs and purchases of other company stocks, the filing showed.
Kakao Games issued a total of 57.2 million common shares before the listing, and the parent company will own a 46.08% stake in the listed gaming unit, according to the filing.
Retail investors showed a keen interest in the IPO, which attracted orders of more than 1,500 times the shares available.
Korea Investment & Securities Co. and Samsung Securities Co. are managing the share sale.
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