K-Bank Submits Securities Registration Statement... Offering Price Range 9,500 to 12,000 Won

K Bank submitted a securities registration statement to the Financial Services Commission on the 13th for listing on the KOSPI market. The desired public offering price range is 9,500 to 12,000 KRW, with an expected number of 82 million shares to be offered. The maximum public offering amount is 984 billion KRW.

K Bank handles various innovative non-face-to-face loan products, including the financial sector's first 100% non-face-to-face apartment mortgage loans, as well as credit loans, jeonse loans, and loans for individual business owners. Its deposit products include savings and time deposits, as well as unlimited limit parking accounts called ‘Plus Box’ and automatic lump-sum savings called ‘Challenge Box’.

Through partnerships, it provides investment opportunities in a variety of assets, from listed stocks and public offerings to virtual assets, gold, bonds, and fractional investments in artworks. Additionally, it leads financial innovation by utilizing technologies such as artificial intelligence (AI) and big data to advance ID recognition technology and prevent voice phishing.

Net income recorded was 22.5 billion KRW in 2021, 83.6 billion KRW in 2022, and 12.8 billion KRW in 2023. The cumulative net income for the first half of this year reached 85.4 billion KRW.

K Bank selected internet banks from the U.S. and Japan as peer companies to determine the desired public offering price range. In addition to KakaoBank, it chose SBI Sumishin Net Bank, a Japanese internet bank, and Bancorp, which owns The Bancorp Bank, a U.S. internet bank, as comparable companies for pricing. All three operate via mobile and expand their customer and business bases through Banking as a Service (BaaS), providing banking services or infrastructure to partners.

K Bank plans to use the funds raised through the public offering to promote innovative finance and mutually beneficial finance. Specifically, it will expand ▲ SME loans ▲ strengthen Tech leadership ▲ and increase investments in innovative investment platforms.

To enter the SME loan market, it will advance SME loan screening models and develop apps related to SME customers. To strengthen Tech leadership, it plans to invest in AI-based service innovation, enhancement of the open API platform, app convenience improvements, and modernization of the development environment.

Using the public offering funds, K Bank will expand investment destinations to include foreign exchange, virtual assets, commodities, luxury goods, and fractional investments in artworks, evolving into an investment platform that encompasses both traditional investment products and innovative alternative products. The funds will also be used for developing investment services and content, AI-based personalized investment services, and expanding partnerships related to investments.

K Bank will conduct demand forecasting targeting domestic and overseas institutional investors from the 10th to the 16th of next month and finalize the public offering price. The scheduled listing date is the 30th of next month.

K Bank’s lead underwriters are NH Investment & Securities, KB Securities, and Bank of America (BofA), with Shinhan Investment Corp. and Kiwoom Securities joining as part of the underwriting group.

A K Bank representative stated, “We plan to invest the public offering funds in securing capital adequacy, expanding SME market entry, strengthening Tech leadership, and building innovative investment platforms to further promote innovative finance and mutually beneficial finance. We will strive to be recognized for our proper corporate value through thorough preparation.”