Internet-only bank Kbank has launched a bid to list on the stock market.
The KOSDAQ Market Division of Korea Exchange (KRX) said on the 10th that Kbank submitted a preliminary application for listing on the stock market. The lead underwriters will be jointly handled by NH Investment & Securities and Samsung Securities.
Kbank was founded in Jan. 2016, and BC Card currently holds 33.7% equity as the largest shareholder. It attempted to list in 2022 and 2024 but withdrew due to weak demand forecasts stemming from deteriorating market conditions. This is the third attempt to list.
Kbank's major shareholder BC Card conducted a rights offering worth 1.25 trillion won in 2021, raising 725 billion won from financial investors (FI), and attached call option and drag-along terms on the condition of listing by next July. If it fails to list within the deadline, it means BC Card must buy part of the FIs' equity, or when an FI sells its equity, BC Card's equity can be forcibly sold together.
It also promised investors an annual return of 8%, which means the valuation at listing needs to approach 4 trillion won. The market understands that Kbank hopes for a market capitalization of at least 4 trillion won after listing.
Kbank posted operating revenue of 1.2258 trillion won and operating profit of 133 billion won last year.