Kakao Pay Delays IPO... "Resuming Public Offering Schedule Aiming for Listing on November 3"

Voluntary Amendment of Securities Registration Statement
Impact of Financial Authorities' Regulations

[Asia Economy Reporter Kiho Sung] Kakao Pay's initial public offering (IPO) schedule has been delayed again. As a result, the listing is expected to be possible only in November. This appears to be due to the impact of financial authorities' fintech regulations.

On the 24th, Kakao Pay voluntarily amended its securities registration statement and announced that it will resume the public offering schedule aiming for a listing on November 3.

Regarding the listing delay, Kakao Pay stated that it implemented fund and insurance service restructuring to reflect the guidance from authorities related to the Financial Consumer Protection Act, and detailed these matters in the investment risk factors section of the securities registration statement.

Accordingly, the listing schedule will be postponed by about three weeks. Demand forecasting for institutional investors will be conducted on October 20-21 to finalize the public offering price, followed by general subscription on October 25-26, with the listing planned for November 3. The total number of shares offered and the offering price remain unchanged.

Kakao Pay must complete the listing application by December 27. This is due to the stock market listing regulations requiring completion of listing within six months after preliminary review approval. If it fails to list this year, it will have to undergo preliminary review again at the exchange.

A Kakao Pay official emphasized, “In describing the investment risk factors in the securities registration statement, we supplemented the information so that investors can fully understand the service restructuring situation due to the application of the Financial Consumer Protection Act,” and added, “We will continue to lead financial consumer protection and accelerate innovative growth after listing.”

Meanwhile, Kakao Pay announced that on the 23rd, it held a ‘Consumer-Centered Management’ declaration ceremony attended by CEO Ryu Young-jun and key executives in line with the enforcement of the Financial Consumer Protection Act.