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    A035720   KR7035720002

KAKAO CORP.

(A035720)
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Kakao : S.Korean regulator tells Ant-backed Kakao Pay to revise IPO prospectus

07/16/2021 | 06:09am EDT

SEOUL (Reuters) - South Korea's financial regulator asked fintech company Kakao Pay on Friday to revise its prospectus to raise up to 1.6 trillion won ($1.4 billion) in an August listing, a move analysts said would delay the initial public offering (IPO).

Kakao Pay Corp, backed by Chinese e-commerce firm Ant Group, was planning to offer 17 million new shares next month in an indicative range of 63,000-96,000 won each, giving it a market valuation of up to 12 trillion won.

But the Financial Supervisory Service (FSS) said in a regulatory filing it had asked the company to resubmit its IPO registration statement to answer questions about its prospectus for the Seoul listing.

FSS did not give details but said the IPO registration statement fell into one of three categories: having an incorrect format; containing false information or omitting important facts; or containing unclear statements that could mislead investors.

The fintech firm, a unit of South Korea's top mobile messaging service company Kakao Corp, provides financial services including money transfers, savings accounts and asset management.

Under South Korean regulations, failing to revise the registration statement within three months would result in the initial statement being withdrawn.

In June, FSS asked game developer Krafton Inc to revise its IPO registration statement, which led the video game maker to cut its IPO target by almost a quarter.

Kakao Corp is the largest shareholder in Kakao Pay Corp, with 55%, followed Ant Group's Alipay with 45%, the regulatory filing showed.

($1 = 1,140.6000 won)

(Reporting by Heekyong Yang; Editing by Edmund Blair)


© Reuters 2021
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Analyst Recommendations on KAKAO CORP.
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Financials
Sales 2021 5 938 B 5,06 B 5,06 B
Net income 2021 933 B 0,79 B 0,79 B
Net cash 2021 3 787 B 3,23 B 3,23 B
P/E ratio 2021 58,9x
Yield 2021 0,03%
Capitalization 52 570 B 44 709 M 44 789 M
EV / Sales 2021 8,22x
EV / Sales 2022 6,30x
Nbr of Employees -
Free-Float 64,8%
Chart KAKAO CORP.
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Technical analysis trends KAKAO CORP.
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Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 30
Last Close Price 121 500,00 KRW
Average target price 168 103,45 KRW
Spread / Average Target 38,4%
EPS Revisions
Managers and Directors
Min-Soo Yeo Co-Chief Executive Officer & Director
Su-Yong Jo Co-Chief Executive Officer & Director
Beom-Soo Kim Chairman
Tae-Sung Jung Head-Compliance Support
Kyu-Jin Cho Independent Director
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