THE KOREA ECONOMIC DAILY, GLOBAL EDITION

Kakao Games Corp. is set to be South Korea’s biggest initial public offering of the year backed by overwhelming demand seen during its bookbuilding for institutional investors on August 26 and 27, according to the investment banking industry.

Around 270 billion won ($227 million), 71% from the 380 billion won offering, was allocated to institutional investors, with demand exceeding a staggering 270 trillion won. Unlike the general subscription process, no deposits are needed from institutional investors at this stage, thus no actual funds were injected during the process. There was also a high portion of lock-up provisions during the bookbuilding.