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CORRECTED-Kakao Pay pushes back planned 1.5 trln won IPO to Nov

reuters.com · 09/24/2021 04:12
CORRECTED-Kakao Pay pushes back planned 1.5 trln won IPO to Nov

Removes US dollar sign in headline

- South Korean fintech company Kakao Pay Corp said on Friday it has decided to push back its planned initial public offering (IPO) worth up to 1.5 trillion won ($1.28 billion) to November from October.

The decision comes a day before the newly revised Financial Consumer Protection Act fully goes into effect, requiring financial services platform apps such as Kakao Pay to halt financial product comparison and recommendation services unless they register with the regulator or receive a licence or permission to carry out the service. nL4N2QA05Y

Kakao Pay, backed by China's Ant Group 688688.SS, said it aims to list on Nov 3 and the main underwriters for the deal are Samsung Securities, JP Morgan, and Goldman Sachs.

In August, Kakao Pay said it was seeking to list shares on Oct 14. nL1N2Q20IE


(Reporting by Heekyong Yang and Joyce Lee; Editing by Kirsten Donovan)

((Heekyong.Yang@thomsonreuters.com;))