S.Korea's Kakao Pay cuts IPO target by 6% to US$1.3bil

SEOUL: South Korean fintech company Kakao Pay Corp cut its planned initial public offering (IPO) target to up to 1.5 trillion won ($1.29 billion) from a previously announced 1.6 trillion won, it said on Tuesday.

The adjustment from the company backed by Chinese e-commerce company Ant Group follows a Financial Supervisory Service (FSS) request for it to resubmit its IPO registration statement last month.