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South Korea's Kakao Pay shares double in stock market debut

Fintech aims to use IPO proceeds to launch new services, tap overseas markets

Kakao Pay's listing was delayed twice over regulatory concerns. (Screenshot from Kakao Pay's app)

SEOUL -- Shares in South Korea's Kakao Pay more than doubled on Seoul's stock market in their trading debut on Wednesday, rising as much as 156% from their initial public offering price on investor enthusiasm for the fintech company's growth potential.

Kakao Pay raised 1.5 trillion won ($1.3 billion) in its IPO last week, offering 17 million new shares. It plans to spend part of the proceeds on launching services such as mobile stock trading and nonlife insurance while expanding its reach in overseas markets. Kakao Pay currently does not offer life insurance services but intends to sell nonlife policies after being listed.

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