In today’s briefing:
- K Bank IPO – The Biggest IPO in Korea in 2024
- The Story Behind K-Bank Leaking Pricing Details Before the IPO Prospectus Dropped
K Bank IPO – The Biggest IPO in Korea in 2024
- K Bank is the biggest IPO in Korea in 2024. The IPO price range is from 9,500 won to 12,000 won. It is offering 82 million shares in this IPO.
- According to the bankers’ valuation, the expected market cap of the company is from 4.0 trillion won to 5.0 trillion won.
- The IPO deal size is 779 billion (US$579 million) to 984 billion won (US$732 million).
The Story Behind K-Bank Leaking Pricing Details Before the IPO Prospectus Dropped
- To justify a higher multiple, K-Bank is comparing itself to international internet banks, with KakaoBank as the only local peer. Differences in market conditions could complicate this comparison.
- This might explains why K-Bank is cautiously testing the market by announcing the rights issue first and delaying the prospectus, amid regulatory crackdowns on inflated IPOs.
- Controversy over high multiples from overseas peers and KakaoBank’s legal discount will be key in setting K-Bank’s IPO pricing.
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