KakaoBank of Korea Corp. announced that it will issue 31,916,595 common shares at a price of KRW 23,500 per share for gross proceeds of KRW 750,039,982,500 on October 27, 2020. The transaction will include participation from TPG Capital, L.P. for 10,640,000 shares for KRW 250,040,000,000, and returning investors, Kakao Corp.

(KOSE:A035720) for 7,133,061 shares for KRW 167,626,933,500, Korea Value Asset Management Co., Ltd. for approximately KRW 143,000,000,000, KB Kookmin Bank for approximately KRW 49,500,000,000, Korea Investment Holdings Co., Ltd. (KOSE:A071050) for approximately KRW 24,500,000,000, Netmarble Corporation (KOSE:A251270) for approximately KRW 19,500,000,000, and YES24 Co.,Ltd (KOSDAQ:A053280) for approximately KRW 10,000,000,000. The investors, Kakao Corp. (KOSE:A035720), Korea Value Asset Management Co., Ltd., KB Kookmin Bank, Korea Investment Holdings Co., Ltd. (KOSE:A071050), Netmarble Corporation (KOSE:A251270), YES24 Co.,Ltd (KOSDAQ:A053280) currently holds 33.5%, 28.6%, 9.9%, 4.9%, 3.9%, and 2% stake in the company respectively.

Post the closing of the transaction, Kakao Corp. (KOSE:A035720) will hold 32.63% stake in the company. The payment date for TPG Capital, L.P. is November 12, 2020 and for the existing shareholders the shares will be allotted on November 11, 2020 and the payment date is December 29, 2020.

The transaction was approved by the board of directors of the company. The round will be valued at post-money valuation of KRW 8,580,000,000,000. Korea Value Asset Management Co., Ltd. will hold 27.1% stake post-closing of the transaction.