BlockBeats reported on October 18 that online lender K Bank Co. has withdrawn its more than $700 million initial public offering in Seoul due to concerns about high valuations and reliance on funds from cryptocurrency operators.
K Bank said in a regulatory filing on Friday that it failed to generate sufficient demand for the listing during the recent subscription process. The lender plans to resume the IPO early next year and revise details such as the number of shares to be offered, it said in a separate statement.
K Bank has rapidly expanded its customer base through its partnership with Upbit, the country’s largest cryptocurrency exchange, but faces the expiration of its contract with the exchange in October next year. Upbit’s deposits accounted for 16.8% of K Bank’s total deposits as of the end of June. K Bank said in its IPO prospectus that failure to renew its partnership with a key strategic partner could weaken the competitiveness of its platform.