SEOUL, April 26 (Yonhap) — Kakao Pay, the mobile payment service arm of South Korea’s top messenger app Kakao Corp., filed for preliminary approval of an initial public offering on the main bourse KOSPI, the Korea Exchange said Monday.
The filing by the fintech firm is expected to be cleared around the end of June if the review goes smoothly, given it takes about two months.
Following further regulatory process, the company is likely to get listed sometime in the latter half of this year.
Samsung Securities, Goldman Sachs and JP Morgan are lead underwriters. The company branched off from the parent Kakao in 2017. Its current services include mobile payment, remittance, insurance and loans.
The company has an accumulated 36 million subscribers, and the amount of payments on its services surpassed 67 trillion won (US$60 billion) last year. For 2020, Kakao Pay recorded 284.4 billion won in sales, with operating loss of 17.9 billion won.
Earlier this month, Kakao Bank, the nation’s top internet-only lender also under Kakao, filed for a preliminary review with the Korea Exchange to get listed on the KOSPI market as well.