Kakao Pay’s share price fell.
On the 7th, Kakao Pay closed at 40,100 won, down 14.41% (6,750 won).
This seems to be because of the news that Kakao Pay, a subsidiary of Kakao Pay, will participate in the capital increase.
On the 27th of last month, Kakao Pay Securities decided to issue a capital increase of 157.9 billion won to shareholders. This is an additional issuance of 1,87,7797 new shares with a par value of 50,000 won, or 19.6% of the total issued shares. The issuance price was fixed at 84,071 won per new share.
In addition, Citi Securities has downgraded its investment rating on Kakao Pay from ‘buy’ to ‘sell’. The target price is set at 38,000 won.
