On November 3, Kakao Pay, South Korea's largest mobile payment platform, was listed on the Seoul Stock Exchange in South Korea, with an opening price of 180,000 won, twice the IPO price, and its market value once exceeded $20 billion.
As of the close of trading on November 5, Kakao Pay was quoted at 170,000 won, an 88% increase from its issue price of 90,000 won. It is estimated that the company's market value is more than 22.16 trillion won, and the contract is 18.7 billion US dollars.
Founded in 2014, Kakao Pay is a payment platform built into Korea's largest chat software, Kakao, which was later spun off from Kakao to operate independently. According to the prospectus, as of July 2021, kakao pay has 36.6 million users, compared with 51.67 million in South Korea, or 70% of South Koreans are using the platform.
In February 2017, Alipay Singapore Holding Pte, a subsidiary of Ant Group, was launched. Ltd.) injected $200 million into Kakao Pay, becoming its second-largest shareholder, holding a 39.1% stake. The majority shareholder is its parent company, Kakao, which holds 47.8% of the shares.
Blue Whale Finance estimates that as of November 5, Ant Group's assets had appreciated by more than $7.1 billion.
According to the Korea Economic News, Alipay holds 82.1% of kakao pay's listed outstanding shares, and holds about 4.52 million shares that can be tradable on the day of listing (of which 3.71 million shares are held by Alipay Singapore Holdings). The restriction period for 27.2% of the shares held by Alipay is 6 months from the date of listing. Considering that only some stocks are restricted from trading, some analysts believe that Alipay may sell some of its shares. If the company sells all of its outstanding shares, its shareholding will be reduced from 39.1% to 10.7%.
This article originated from Blue Whale Finance
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