이 기사는 2021년 06월 24일 07시28분 thebell에 표출된 기사입니다

South Korea’s internet-only lender K bank is unlikely to further increase its capital base until its planned initial public offering (IPO) expected in 2023.

K bank has postponed the payment date for its 1.2 trillion won rights offering ($1.05 billion) from June 29 to July 9, industry sources said Tuesday. New shares will be released for subscription on July 6, followed by the payment on July 9.

The lender has decided not to proceed with an additional capital increase until its planned listing. K bank originally planned to sell shares worth 600 billion won, but garnered more than twice the amount, achieving the target equity capital.

After the rights offering, the bank’s paid-in capital will likely increase from 901.7 billion won to 2.15 trillion won.

Korea’s another internet-only bank Kakao Bank, which is preparing for its IPO, has paid-in capital of 2.79 trillion won, approximately 30% more than that of K bank. Kakao Bank increased its paid-in capital to 2 trillion won last year by raising funds from new investors TPG and Anchor Equity Partners.

K bank has decided to focus more on expanding its sales force based on its current paid-in capital rather than attracting new investors before its IPO. The lender’s business has been repeatedly suspended due to lack of capital.

K bank targets to go public in 2023 under the condition of turning to a net income next year. The lender is narrowing its loss this year, with its net loss nearly halving year-on-year to 12.3 billion won in the first quarter thanks to cryptocurrency craze.

K bank is expected to swing to a net income next year. The bank’s total account balance surged by 3.46 times to 12.9 trillion won as of the end of May, compared to the end of 2020. Its loan balance increased to 4.74 trillion won from 2.98 trillion won during the same period.

K bank plans to further accelerate the development of new products and services and the collaboration with large platforms based on its increased capital. (Reporting by Hyun-jung Kim)