이 기사는 2021년 05월 03일 07시40분 thebell에 표출된 기사입니다

Online-only lender K bank plans to raise the amount of capital increase, with many financial investors weighing up possible participation in the deal.

K bank is seeking new investors to increase its capital base by 670 billion won ($600 million), industry sources said on Thursday. The bank plans to raise 200 billion won from its largest shareholder BC Card to avoid share dilution, with the remaining 470 billion won coming from new investors.

MBK Partners and VIG Partners are reportedly conducting due diligence to invest around 200 billion won and 70 billion won, respectively, in the bank. Another financial investor is likely to inject the remaining 200 billion won. It is expected to take a long time before the actual agreement is signed as there still are many detailed conditions to be adjusted between the parties.

K bank’s new share for the latest right offering has reportedly been priced at 6500 won per share, a 30% premium to the current price of 5000 won. The bank is said to have offered drag-along rights to new investors, meaning they could sell their shares alongside the largest shareholder BC Card in case K bank fails to go public within five years.

Positive investor sentiment is likely to continue after rival Kakao Bank successfully raised 1 trillion won from TPG and Anchor Equity Partners through a rights offering at the end of 2020.

K bank is reportedly valued at around 1.2 trillion won for the latest capital increase, with its post-money value expected to be 1.87 trillion won.

K bank increased its capital to 900 billion won from 500 billion won last year after BC Card, Woori Bank and NH Investment & Securities bought K bank’s new shares worth 400 billion won.

As of the end of 2020, the largest shareholder is BC Card, with a stake of 34%, followed by Woori Bank with 19.9% and NH Investment & Securities with 10%. (Reporting by Si-eun Park)