TPG likely to generate high returns from investments in Kakao affiliates Corporate values of KakaoBank and Kakao Mobility more than doubled
Translated by Kim So-in 공개 2021-07-28 07:52:47
이 기사는 2021년 07월 28일 07:49 thebell 에 표출된 기사입니다.
Global private equity (PE) firm TPG’s early investments in South Korean internet giant Kakao’s affiliates are starting to bear fruit.KakaoBank’s initial public offering (IPO) received 258.5 billion won ($224 million) in bids from institutions in its recent bookbuilding process, the largest amount ever in the country’s IPO history, industry sources said Monday.
The bank’s IPO price has been set at 39,000 won, the top end of its proposed price range, which will make KakaoBank’s corporate value reach 18.53 trillion won. “Foreign investors have recently paid strong attention to fintech firms,” said an industry source. “Demands for KakaoBank were strong as there are few fintech investment opportunities in Asia in the second half of this year.”
TPG is likely to generate handsome returns as KakaoBank’s IPO price has been set at the highest end of the range despite controversy over the overvaluation. TPG invested 250 billion won in KakaoBank in the second half of 2020 in a deal which valued the lender at around 8.6 trillion won. The value surpassed Woori Financial Holdings’ corporate value of 7.2 trillion won and was close to Hana Financial Group’s 10.8 trillion won, with some raising questions about the online bank's lofty valuation.
But KakaoBank’s value more than doubled in 10 months and is expected to surpass 20 trillion won after the listing. After the lock-up period of about six months, TPG is expected to generate high returns from what would be the first exit since its entry in Korea in 2016.
TPG’s first portfolio company Kakao Mobility is also showing positive performance. TPG invested 500 billion won in Kakao Mobility in 2017 in a deal that valued the company at 1.6 trillion won. Kakao Mobility has grown at a rapid pace and raised funds from global companies this year. The company raised 220 billion won from Carlyle in February and 56.5 billion won from Google in March.
TPG and Carlyle put additional 130 billion won and 9 billion won, respectively, into Kakao Mobility in June, following National Pension Service’s decision to invest 110 billion won. Earlier this month, LG invested 100 billion won in Kakao Mobility, reportedly valuing the company at more than 4 trillion won. Kakao Mobility’s corporate value has increased by nearly 2.5 times in just four years, with its valuation likely to increase further as it prepares for an IPO next year. (Reporting by Se-hun Jo)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
best clicks
최신뉴스 in 전체기사
-
- 스튜디오산타클로스ENT, 주주권익 보호 '구슬땀'
- 이에이트, AI 시뮬레이션·디지털 트윈 기술 선보여
- MBK, '몸값 2조' 지오영 인수 SPA 체결 임박
- [2024 더벨 글로벌 투자 로드쇼-베트남]한인이 설립한 RCE, 세계 첫 ‘중장비 온라인 중고거래’
- 회계법인 해솔, 부동산 타당성 자문 업무협약
- [2024 더벨 글로벌 투자 로드쇼-베트남]베트남의 지오영 '바이메드'·전기오토바이 '셀렉스' 눈길
- 지아이에스, 코스닥 상장 위한 예비심사신청서 제출
- [꿈틀대는 토큰증권 시장]'업계 표준' 루센트블록, '두자릿수' 레코드 조준
- [Company & IB]조달 '막바지' 롯데그룹, 롯데케미칼에 쏠리는 눈
- '910억 CB 발행' 아스트, 경영 정상화 속도 낸다