Shares of South Korea's Kakao Bank surge more than 70% on first day of trading
Kakao Bank's stock surged as high as 74.36% from its issue price in its market debut on Friday. Some of those gains were later pared but the stock was last still trading more than 60% higher.
Kakao Bank is South Korea's first digital bank to go public, and is the country's largest IPO since 2017 when Netmarble went public. The public listing made Kakao Bank South Korea's most-valued financial firm by market capitalization,In an exclusive interview with CNBC, Kakao Bank CEO Yun Ho-young dismissed concerns about whether the IPO was overvalued.
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