SEOUL, July 22 (Yonhap) — Kakao Bank, South Korea’s largest internet-only bank, said Thursday its initial public offering (IPO) price has been set at the upper end of 39,000 won (US$34) following this week’s demand forecasting session.

Kakao Bank set the price after two-day IPO demand forecasting from domestic and foreign institutional investors from Tuesday to Wednesday. The lower end was 33,000 won.

Kakao Bank is expected to raise 2.55 trillion won via the IPO and its market capitalization to reach 18.6 trillion won, just below No. 2 financial services group Shinhan Financial Group’s 19.8 trillion won.

The bank said it will receive subscriptions from retail investors for its shares Monday and Tuesday.

Kakao Bank’s shares will be listed on Aug. 6 on the main bourse.

Kakao Bank, led by Kakao Corp., the operator of the country’s dominant messaging app KakaoTalk, has gained popularity among mobile-savvy customers in recent years thanks to its around-the-clock service and convenience.