Internet-only bank Kakao Bank Corp. capped its stock market debut at 69,800 won to emerge as South Korea's most valuable financial firm with a market capitalization of 33.2 trillion won.
After opening at 53,700 won, shares of Kakao Bank soared to a daily allowable limit of 29.98 percent.
The market capitalization of former number one KB Financial Group stood at 21.7 trillion won, trailed by Shinhan Financial Group at 20 trillion won and Hana Financial Group at 13 trillion won.
During its subscription period on July 26 to 27, deposits for Kakao Bank's stock offering were unexpectedly smaller at 58.3 trillion won, with an average subscription rate of 182.7:1.
The lower-than-estimated deposit was due to the ban on subscriptions to multiple brokerage houses.
The controversy surrounding the IPO price overvaluation also made investors hesitant on Kakao Bank's first trading day.
Last year, Kakao Bank posted an operating income of 804.2 billion won and a net profit of 113.6 billion won.
Kakao Bank is popular among mobile-savvy customers due to its around-the-clock service and convenience.


Gold Prices Rise as Markets Await Trump’s Policy Announcements
Ferrari Group to Launch IPO in Amsterdam, Targets Over $1 Billion Valuation
U.S. Condemns China's Dominance in Global Shipbuilding and Maritime Sectors
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals
U.S. Stock Futures Rise as Trump Takes Office, Corporate Earnings Awaited
UK Markets Face Rising Volatility as Hedge Funds Target Pound and Gilts
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock
China’s Growth Faces Structural Challenges Amid Doubts Over Data
Do investment tax breaks work? A new study finds the evidence is ‘mixed at best’
Australia’s December Trade Surplus Expands but Falls Short of Expectations
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off
Asian Markets Slip as AI Spending Fears Shake Tech, Wall Street Futures Rebound
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 



