Shares in South Korea’s Kakao Pay more than doubled on Seoul’s stock market in their trading debut on Wednesday, Nikkei Asia reported.
The stock rose as much as 156% from its initial public offering (IPO) price on investor enthusiasm for the financial technology company’s potential.
Kakao Pay raised 1.5 trillion won ($1.3 billion) in its IPO last week. It plans to spend part of the proceeds on launching services such as mobile stock trading and non-life insurance, while expanding its overseas markets.
Read the full report: Nikkei Asia
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