PANews reported on October 18 that according to Bloomberg, South Korean online bank K Bank withdrew its original IPO of more than US$700 million due to insufficient market demand. The company said in its latest announcement that it plans to restart the listing plan after adjustments at the beginning of next year.

K Bank was originally scheduled to go public on October 30 and planned to raise up to 984 billion won (about 3.6 billion U.S. dollars) by selling 82 million shares, becoming the largest IPO in South Korea since LG Energy Solution in January 2022. However, the pre-IPO roadshow failed to attract enough interest due to its high valuation and its reliance on cryptocurrency exchange Upbit. Upbit deposits account for 16.8% of K Bank's total deposits. The cooperation between the two parties will expire in October next year, and the uncertainty of renewal has caused market concerns.

Although K Bank's net profit in the first half of the year increased threefold year-on-year to 85.4 billion won, analysts believe its valuation is similar to KakaoBank, which has more stable earnings performance. K Bank plans to readjust the number of shares issued and pricing strategy in the hope of listing again next year.