Second in a Row in 2023
Internet bank K-Bank has withdrawn its initial public offering (IPO). It plans to relaunch the IPO if market conditions improve, as was the case in 2023.
On the 8th, K-Bank stated, “Due to the recent expansion of domestic and international uncertainties leading to a sluggish stock market, we have determined that it is difficult to receive a proper valuation of our corporate value, and therefore we are postponing the ongoing IPO.” Previously, K-Bank had prepared for a listing in 2022 but postponed it in February 2023 considering the weakened investor sentiment.
Afterwards, K-Bank made a second attempt at an IPO in June last year. When applying for the preliminary listing review, it explained the purpose of the IPO as “to expand the types and scale of loans through large-scale capital increase,” and stated, “We will invest in three sectors?retail finance, corporate finance and individual business owners, and platforms?to accelerate growth and strengthen profitability.” Having passed the preliminary listing review in August, K-Bank prepared for a listing at the end of October, but due to weaker-than-expected demand forecast results, it announced that the October IPO would be postponed to early this year.
K-Bank said, “By focusing on external growth and improving profitability, we will continuously increase corporate value, and once stock market conditions improve, we plan to promptly relaunch the IPO.”
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