Ant-backed Kakao Pay expects IPO to raise up to US$1.4bil

SEOUL (Reuters) - South Korean fintech company Kakao Pay Corp's planned initial public offering (IPO) next month is expected to raise up to 1.6 trillion won (US$1.4 billion), at the top end of an indicative price range, it said on Friday.

Kakao Pay Corp, which is backed by Chinese e-commerce company Ant Group, expects to offer 17 million new shares in an indicative range of 63,000-96,000 won per share, it said in a regulatory filing.