More than 800 institutional investors are gathered around demand forecast of a FinTech company called Webcash that is expected to be listed on KOSDAQ.
According to financial investment industry, competition rate for demand forecast of Webcash was set at 614.02 to 1. Public offering price is also set at $23.18 (26,000 KRW), which is the highest amount for desired public offering price. It is expected that Webash will be able to procure $22.5 million (25.2 billion KRW) worth of fund.
Demand forecast of Webcash has drawn interests from institutional investors and financial investment industry from a standpoint that it will be the first IPO (Initial Public Offering) of 2019. Fact that it is the first FinTech company to become a listed company is another main reason why it is drawing much attention.
“Webcash’s business models and medium to long-term growth are valued very highly as many institutional investors who participated in demand forecast quoted an upper level of price.” said a representative for Hana Financial Investment that is overseeing listing process of Webcash.
Webcash is the only South Korean B2B (Business to Business) FinTech company that connects financial organizations with corporate systems. Webcash is planning to utilize funds from public offering for increasing its investment in R&D and establishing global infrastructures.
“We are going to continue to improve competitive edge of our platform even after we become a listed company with a mindset of processing every B2B transaction in South Korea through our platform.” said CEO Yoon Wan-soo of Webcash. “We are going to run our business with a sense of responsibility of being the first listed FinTech company in South Korea.”
Webcash is going to carry out public offering subscription between the 16th and the 17th and it will be listed on KOSDAQ on the 25th.
Staff Reporter Ryu, Geunil | ryuryu@etnews.com