Upbit partner bank K Bank suspends IPO due to weak demand and plans to restart next year

B Online lender K Bank Co. has withdrawn its more than $700 million initial public offering in Seoul due to concerns about high valuations and reliance on funding from cryptocurrency operators. K Bank said in a regulatory filing on Friday that it failed to generate sufficient demand for the listing during a recent subscription process. The lender plans to resume the IPO early next year and revise details such as the number of shares to be issued. K Bank has rapidly expanded its customer base through its partnership with Upbit, the country's largest cryptocurrency exchange, but faces an expiration of its contract with the exchange in October next year, the company said in a separate statement. 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 key strategic partners could weaken the competitiveness of its platform. (Bloomberg)