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South Korea's Kakao Bank confirms IPO price at upper end of range

Digital lender could become No. 3 financial company on benchmark Kospi

Shares in Kakao Bank, led by CEO Yun Ho-young, begin trading on Aug. 6. (Photo courtesy of Kakao Bank)

SEOUL -- Kakao Bank has confirmed its initial public offering price at the upper end of its suggested range, clearing a major hurdle in advance of the digital lender's listing on South Korea's benchmark stock market next month.

Kakao Bank said Thursday that it fixed its IPO price at 39,000 won ($34) per share, the top end of the range between 33,000 won and 39,000 won that it previously presented, as institutional investors showed huge interest in the stock.

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