(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] Kakao Pay's stock price has once again hit an all-time low. On the 24th, the stock closed at 27,300 KRW on the KOSPI market, down 3.02% from the previous day.

This represents an approximate 88% drop from its peak price of 240,000 KRW shortly after its listing on November 3, 2021. Compared to its IPO price of 90,000 KRW, the stock has fallen by over 69%.

Despite the decline, Kakao Pay reported a consolidated revenue of 176.3 billion KRW for the first quarter of this year, marking a 24.7% increase year-on-year and achieving a turnaround with a net profit of 167 million KRW.

The stock's decline was exacerbated by the secondary largest shareholder, Alipay Singapore Holding Pte. Ltd, offloading some of its shares through two block deals, causing a stepwise drop in the stock price. This led the market to perceive Kakao Pay's stock decline as a typical "overhang" issue, a scenario where an excess supply of shares potentially floods the market. Alipay Singapore still holds a substantial 32.01% stake in Kakao Pay, amounting to 43.06 million shares.

 

 

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