Cleary Gottlieb represented Kakaopay Corp. in its ₩1.5 trillion (approximately $1.3 billion) initial public offering of common shares.
Goldman Sachs, J.P. Morgan, and Samsung Securities served as global coordinators and joint bookrunners; Daishin Securities served as co-manager; and Korea I&S and Shinhan Investment served as underwriters. The shares were sold through a public offering in Korea and a Rule 144A/Reg S offering elsewhere. The offering priced on October 22, 2021, and closed on October 28, 2021. The common shares began trading on the KRX KOSPI Market of the Korea Exchange on November 3, 2021.
Kakaopay Corp. operates Korea’s largest mobile financial services platform. Through Kakao Talk, Korea’s leading mobile instant messaging service operated by its parent company Kakao Corp., Kakaopay Corp. has access to one of the largest user bases in Korea, representing a substantial majority of the Korean population. Kakaopay Corp. provides users with a wide range of mobile financial services on mobile phones and devices, including digital payment and money transfer services as well as a one-stop shop for financial products where users can access or purchase loan, investment, and insurance products, through its Kakao Pay platform, which serves as a liaison between technology and innovation and the everyday financial needs of its users.