Market capitalization of 3.3673 trillion won
2,007 institutions participated in book-building
6.55 billion shares applied for, 199-to-1 competition rate
Retail subscription on February 20 and 23
Trading on KOSPI to begin on March 5
On the 12th, Kbank, an internet-only bank, finalized its IPO offering price at 8,300 won. Although the price was set at the bottom end of the desired price range of 8,300 to 9,500 won, its listing on the KOSPI market has become visible on its third attempt at an initial public offering (IPO), as it recorded a 199-to-1 competition rate in institutional investor book-building.
Kbank announced that 2,007 institutions participated in the institutional investor book-building conducted from the 4th to the 10th, applying for approximately 6.55 billion shares (a competition rate of about 199 to 1), resulting in total orders (participation amount) of 58 trillion won. Based on the finalized offering price of 8,300 won, the total IPO size is 498 billion won (60 million shares), and its market capitalization after listing will be 3.3673 trillion won (405,695,151 shares).
Kbank explained that the high competition rate was due to participating institutional investors highly valuing Kbank's stable profit base and its future growth potential. Kbank posted a net profit of 128.1 billion won in 2024 and an accumulated net profit of 103.4 billion won for the first three quarters of 2025. As of the end of last year, it had 15.53 million customers, loan balances of 18.4 trillion won, and deposit balances of 28.4 trillion won.
Despite the stock market boom, another factor cited is that Kbank proposed a desired offering price range lower than the 9,500 to 12,000 won range it presented for its 2024 IPO. For this IPO, Kbank selected KakaoBank and Japanese internet bank Rakuten Bank as peer companies to assess its corporate value. The share price of its competitor KakaoBank has risen by about 30% compared with January 13, when Kbank submitted its securities registration statement, and closed at 28,550 won as of today.
An official from the IPO underwriter said, "The valuation of the company was overall very positive, as a significant number of institutions participating in the book-building submitted prices that included the upper end of the offering price band," adding, "However, we decided on the offering price at a market-friendly level after comprehensively considering the share price trend after listing, market stability, and the protection of retail investors."
Kbank's strategy is to accelerate innovative finance by securing the capacity to grow its loan book by more than about 10 trillion won through capital expansion. In addition, it plans to make focused investments for future growth in areas such as entry into the sole proprietors and small and medium-sized enterprises (SME) market, strengthening tech leadership, building a platform business base, and new businesses including digital assets.
Subscriptions for retail investors, covering up to 30% (18 million shares) of the total offering, will be held over two days on the 20th and 23rd. Retail investors can participate in the subscription through the lead underwriters NH Investment & Securities and Samsung Securities, as well as the co-manager Shinhan Investment & Securities. After completing the retail subscription, Kbank plans to list on the KOSPI and begin trading on March 5.
Bank President Choi Woohyung said, "I would like to thank the investors who have sympathized with the vision that Kbank will create," adding, "Even after the listing, Kbank will continue to grow together with both customers and shareholders while adding differentiated value."
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