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.
