Internet-Only K-Bank Sets IPO for Late October with Focus on Expanding Corporate Lending

SEOUL: Internet-only K-Bank plans to go public later this month, with the bank's chief Choi Woo-hyoung seeking to expand corporate lending with funds raised from the planned initial public offering (IPO). The bank filed for its IPO early September and is marketing 82 million shares at a price of between 9,500 won (US$6.9) and 12,000 won per share. The pricing is scheduled to be set on Friday, and a retail subscription will be held next Monday and Tuesday. Shares are expected to begin trading on Oct. 30. According to Yonhap News Agency, Choi Woo-hyoung highlighted the limitations in the growth of household loans due to recent government concerns over household debts. "The breakthrough we sought to find comes from corporate lending," Choi stated during a press briefing. He elaborated that the lender will utilize the 725 billion won it has already raised to boost its corporate lending efforts. Choi further detailed the bank's strategy, noting that K-Bank will first work to enhance its secured loans to small bu siness owners with the available 725 billion won, and subsequently expand its lending to small and medium-sized businesses using additional funds from the IPO. "Already, there are over 1,000 daily loan requests from business owners. The number of untact secured loans will increase, while the bank will expand its lending to not only small business owners but also to small and medium-sized enterprises in the future," he added.