Kakao Pay Shares Double on Debut: Nikkei

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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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.