CoinVoice has recently learned that according to Bloomberg, online lender K Bank has withdrawn its more than $700 million initial public offering in Seoul. The company originally planned to price the offering on Friday and set the IPO for October 30. If successfully listed, it will make it the largest IPO in South Korea in more than two and a half years, valuing the bank at up to 5 trillion won (US$3.6 billion). The bank plans to resume its IPO early next year.
The withdrawal comes following concerns about its valuation and its reliance on deposits at cryptocurrency exchanges. K Bank has rapidly expanded its customer base by partnering with Upbit, South Koreaâs largest cryptocurrency exchange, but its contract with the exchange is set to expire in October next year.
As of the end of June, Upbitâs deposits accounted for 16.8% of K Bankâs total deposits. K Bank said in its IPO prospectus that failure to extend its partnership with key strategic partners could weaken the competitiveness of its platform. [Original link]