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Kakao Bank shares surge nearly 80% in Seoul market debut

South Korean digital lender becomes most valuable listed financial stock

Kakao Bank is South Korea's biggest digital lender. (Screenshot of Kakao Bank's app).

SEOUL -- Kakao Bank shares soared Friday in their debut on South Korea's benchmark stock exchange, rising almost 80% and making the upstart digital lender the country's most valuable listed financial company.

Kakao Bank had raised 2.6 trillion won ($2.3 billion) in its IPO, offering 65 million shares and making it the second-largest stock flotation so far this year. Krafton, a game developer, raised 4.3 trillion won in its IPO earlier this week and will be listed on the Kospi index on Tuesday.

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