South Korea’s technology industry continues to spawn big public companies, despite concerns that a government crackdown could hurt profits.
On Wednesday, mobile-payments specialist Kakaopay Corp. became the latest to join the stock market after a heavily oversubscribed $1.3 billion share sale. In afternoon trading in Seoul, the stock had more than doubled from its initial public offering price, giving Kakaopay a valuation of nearly $22 billion.
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