Kbank said on the 13th that it filed a securities registration statement with the Financial Services Commission for a listing on the Korea Composite Stock Price Index (KOSPI).
Kbank's total number of public offering shares is 60 million, and the desired price range per share is 8,300–9,500 won. Based on the top end of the range, the market capitalization after listing is about 4 trillion won. The maximum offering amount is 570 billion won.
Kbank selected major domestic and overseas internet banks as peer companies to determine the desired offering price. It selected KakaoBank in Korea and Rakuten Bank in Japan as peer companies, and both are expanding their customer and business bases through a banking-as-a-service (BaaS) model that provides banking services or infrastructure to partners based on non-face-to-face operations.
Based on the selection of these peer companies, Kbank's desired offering price was set at 1.38–1.56 times on a price-to-book ratio (PBR) basis, about 20% lower than at the previous offering time.
Kbank said it plans to focus on practicing innovative finance and inclusive finance with funds secured through the offering. It plans to expand investment in entering the small and medium-sized enterprise (SME) market, strengthening technological differentiation, building a platform business foundation, and entering new businesses such as digital assets.
Kbank plans to finalize the offering price by conducting a book-building process for domestic and overseas institutional investors from Feb. 4 to Feb. 10. It will then take subscriptions for two days on Feb. 20 and 23. The scheduled listing date is Mar. 5. Kbank's lead underwriters are NH Investment & Securities and Samsung Securities, with Shinhan Investment & Securities participating as part of the underwriting syndicate.