Kakao Games raises whopping $49.3 bn in subscriptions fueling IPO hype
Ye-jin Jun
Sep 02, 2020 (Gmt+09:00)
Kakao Games Corp. has set a fresh record raising over 58.6 trillion won ($49.3 billion) in deposits during its two-day public subscription on September 1 and 2, according to the investment banking industry. This beats out the previous record of 31 trillion won raised by SK Biopharmaceuticals Co. earlier in June.
The company's shares were oversubscribed by 1,525 times, reaching an all-time high. An investor will be issued a single share for 18.3 million won in deposits.
Kakao Games’ public offering has been eagerly anticipated since August when the company saw bids outnumbering offers by 1,479 to 1 during the bookbuilding for institutional investors. On September 1, the company raised over a staggering 16 trillion won in deposits during the first day of public subscription.
