Hanpass, a leading South Korean fintech company specializing in international money transfers for expats and foreign workers, experienced a successful debut on the Kosdaq Wednesday, fueled by investor confidence in its growth potential.
The Hanpass stock price surged to 41,000 won ($27) on the Kosdaq, Korea’s tech-heavy secondary stock market, as of 1 p.m. KST. This represents a significant increase of 115.79 percent from its initial public offering (IPO) price of 19,000 won. Earlier in the trading session, the stock reached a high of 47,750 won, marking a 150 percent increase.
This impressive market performance reflects the strong interest generated during the pre-IPO book-building process, indicating high demand from both institutional and retail investors.
The book-building process attracted 2,229 institutional investors, resulting in an impressive competition ratio of 1,172.6 to 1. Retail subscriptions were also remarkably strong, exceeding the shares on offer by 1,673.04 times and attracting 4.37 trillion won in deposits. The final IPO price was set at 19,000 won, reaching the upper limit of the indicative range.
Established in 2017, Hanpass provides convenient and cost-effective cross-border money transfer and payment solutions using a prefunding-based platform. This innovative approach allows for lower fees and faster transaction times compared to traditional banking methods, making it a popular choice for overseas remittances.
Hanpass has built an extensive network of over 50 global money transfer operators spanning more than 200 countries. The fintech firm is actively expanding its range of services for foreign residents to include convenient offerings related to transportation, e-commerce, and job-matching platforms.
The capital raised from the IPO will be strategically allocated to fund capital increases in Hanpass’s Japanese and Australian subsidiaries, make strategic investments aimed at facilitating global expansion, and cover operating expenses related to platform development and marketing initiatives.
In 2024, Hanpass reported revenues of 55.02 billion won and an operating profit of 5.41 billion won, demonstrating its strong financial performance.
silverstar
