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Kakaopay Has Volatile Trading Debut in South Korea After IPO

·1 min read
Kakaopay Has Volatile Trading Debut in South Korea After IPO
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The stock was trading at KRW195,000, bringing the firm's estimated market capitalization to about KRW24 trillion ($20 billion), exceeding the market cap of KB Financial Group Inc. Kakaopay, owned by Kakao Corp. and Alipay, the payments unit of Ant Group Co., raised $1.3 billion in a heavily oversubscribed IPO. Kakaopay's debut had been delayed due to regulators' call for revising its listing document, which reflected tougher rules for tech companies.