K bank delays IPO again

South Korea's internet-only K bank will postpone its stock market debut to next year, due to insufficient demand.

On Friday, K bank announced it is pushing back its initial public offering, which was originally scheduled for Oct. 30, to early next year. The bank also disclosed that it has filed to withdraw its securities registration with the Financial Services Commission.

K bank stated in its disclosure, "The company has decided to withdraw this public offering, with the results of the recent institutional investor demand forecast indicating insufficient demand for a successful listing."

The company said it plans to adjust its offering structure and volume, aiming for a relaunch early next year, revising their decision based on the demand expectations gathered from the recent forecast.

Initially anticipated to be one of the year's biggest market debuts, K bank planned to float 8.2 million shares through the IPO, with a target price range set between 9,500 won and 12,000 won ($6.90-$8.80) per share. The offering was expected to raise 1 trillion won, giving K bank a market cap of 5 trillion won postlisting.

Recent reports indicate that the IPO underwriters, NH Investment & Securities and KB Securities, suggested K bank lower its minimum target price to 8,500 won following a disappointing two-week demand forecast that concluded Wednesday.

This marks the second time K bank has delayed its market debut. In 2022, the bank passed the preliminary evaluation for listing and began preparations, but scrapped the plan in February 2023 due to a subdued investment environment.

A K bank official said, “We will promptly pursue a relisting after improving the offering structure and will work to ensure that the company’s value is properly recognized throughout the listing process.”