SEOUL, Sept 10 (Askume) – South Korean online lender Bank of India announced plans to raise more than 984 billion won ($731.64 million) in an initial public offering, expected to be one of the biggest stock market IPOs this year.
The company plans to sell 82 million shares, consisting of 41 million newly issued shares and 41 million existing shares, at a price ranging from 9,500 won to 12,000 won per share.
The company expects to go public on October 30, according to a regulatory filing issued by the company on Monday.
The IPO will value the company at 5 trillion won, based on the 376 million shares disclosed in a company filing last month.
The online bank’s operating profit in the first half of 2024 was 86.7 billion won, more than three times that of the same period last year.
K Bank had sought to file for an IPO in 2022 but the plan was later scrapped due to deteriorating market conditions.
Launched in 2017, the bank was South Korea’s first online-only bank and had more than 10 million customers as of earlier this year, according to the company.
