K-Bank IPO Third Attempt Ends With Offering Price Set at 8,300 Won, Where Will the Stock Price Head After Listing

After withdrawing its listing plans twice in 2022 and 2024,
K Bank has finally reached the gates of its IPO on its third attempt.

The offering price was set not even at the bottom of the indicative range (9,500–12,000 won), but at
8,300 won,
with the public subscription period running from February 20 to 23, 2026.

The IPO of K Bank, the so-called 'third-time test taker,'
is a major event where the market's cold-eyed view of internet-only banks
intersects with an unwavering determination to go public.

Today, we will take a comprehensive look at the key issues surrounding K Bank's IPO
and the stock price outlook following its KOSPI listing on March 5.

Two Setbacks and the Background of a Third Attempt

K Bank's listing journey dates back to 2022.

At the time, a sharp rise in interest rates and a cooling market
made it difficult to gain recognition for its corporate value,
leading to a voluntary withdrawal of the first listing attempt.

In 2024, K Bank tried again,
but failed to secure sufficient demand during the institutional book-building process,
resulting in a second withdrawal.

Then, in early 2026, K Bank launched its third listing attempt.
A combination of factors drove this 'third try':
the need for majority shareholder BC Card (a KT affiliate) to realize its stake value,
securing growth momentum through capital expansion,
and maintaining competitiveness in the internet-only banking market.

Offering Price of 8,300 Won: What Falling Below the Indicative Range Means

K Bank's indicative offering price range was presented as
9,500 won to 12,000 won.

However, based on the institutional book-building results,
the offering price was finalized at 8,300 won,
falling short of even the lower end of the indicative range (9,500 won).

This indicates that institutional investors valued K Bank's corporate worth
significantly lower than the company's own expectations.

The result is attributed to a combination of factors:
uncertainty about internet-only banks' revenue models,
a lack of clear differentiation from traditional banks,
and market fatigue from two previous listing failures.

That said, there is also a positive interpretation
that the lowered offering price may actually provide
greater upside potential after listing.
Since expectations have been tempered going in,
a revaluation of the stock could follow if earnings deliver.

15 Million Shares for Retail Investors, Accessible with a Minimum Deposit of 83,000 Won

Out of the total offering of 60 million shares,
25%, or 15 million shares, were allocated to retail investors.

At the offering price of 8,300 won, subscribing for the minimum of 10 shares
requires a deposit of approximately 83,000 won,
making it accessible even for small-scale investors.

Among large-scale IPOs, this represents a relatively low entry barrier,
which has been a factor in boosting retail investor participation rates.

However, the 25% retail allocation is
a standard level in the recent IPO market,
so actual allocation amounts may vary significantly depending on the competition ratio.

The Significance of a Three-Underwriter System: NH Investment, Samsung, and Shinhan

K Bank's IPO is jointly managed by three major securities firms:
NH Investment & Securities, Samsung Securities, and Shinhan Investment Corp.

The biggest advantage of a three-underwriter system
is the expanded institutional investor network.
By leveraging each firm's client base,
they can attract the maximum number of investors
for both the book-building process and the public subscription.

Additionally, on a third listing attempt,
this structure reflects a strategic decision to diversify risk
and bolster market confidence, rather than relying on a single underwriter.

Since allocation volumes are split among the underwriters,
choosing the securities firm with a relatively lower competition ratio
can be a useful strategy for individual investors.

Comparison with Kakao Bank's IPO: Contrasting Track Records

When discussing K Bank's IPO, an unavoidable comparison
is with Kakao Bank.

When Kakao Bank went public in 2021, it recorded a blockbuster debut,
surpassing a market capitalization of 30 trillion won.
However, its stock price has since declined persistently,
deeply disappointing IPO investors.

In 2025, Kakao Bank's secondary offering (rights issue)
underperformed expectations,
further fueling market skepticism toward internet-only banks.

While K Bank is determined not to follow in Kakao Bank's footsteps,
the negative perception left by this precedent
is widely seen as having played a significant role in the downward adjustment of the offering price.

Internet-Only Banks: Divided Views on Profitability and Growth Potential

The fundamental issue at the heart of K Bank's IPO
is the assessment of the internet-only banking business model itself.

From a positive perspective,
proponents highlight the expansion of contactless financial services,
younger generations' preference for mobile banking,
cost efficiency from a branch-free structure,
and the potential for platform-based business expansion.

K Bank's differentiated revenue source through
virtual asset custody (partnership with Upbit)
is also a factor supporting growth expectations.

On the other hand, skeptics point out that
as traditional commercial banks accelerate their digital transformation,
the competitive edge unique to internet-only banks is gradually eroding,
and that a revenue structure centered on the net interest margin
(the spread between deposit and lending rates) is vulnerable to interest rate fluctuations.

Additionally, intensifying competition with latecomers like Toss Bank,
the burden of loan quality management,
and potential delays in monetizing platform businesses
are also concerns weighing on the market.

Five Key Variables That Will Shape the Stock Price After the March 5 Listing

After K Bank lists on KOSPI on March 5,
five key variables will determine the stock's trajectory.

First, the supply-demand dynamics on listing day.
Given that the offering price was set below the indicative range,
the key question is how much profit-taking selling will emerge in the early stages
and whether there will be sufficient buying interest to absorb it.

Second, the timing of lock-up expiration.
When the lock-up periods for shares held by major shareholders and institutions expire,
significant selling pressure may emerge.
It is important to identify the timing and scale of these expirations in advance.

Third, the Q1 2026 earnings release.
Whether the quarterly results announced shortly after listing
exceed market expectations
will be a decisive factor in the stock's initial direction.

Fourth, the interest rate environment and monetary policy direction.
The Bank of Korea's benchmark rate decisions
have a direct impact on the valuation of banking stocks overall,
and K Bank is no exception.

Fifth, risks related to Upbit dependency.
A significant portion of K Bank's deposits
consists of funds deposited in connection with Upbit's virtual asset trading,
meaning that fluctuations in the virtual asset market or regulatory changes
could directly affect K Bank's deposit base.

Essential Points Individual Investors Must Consider

If you are an individual investor interested in K Bank's IPO shares,
it would be wise to carefully review the following points.

First, a low offering price does not necessarily guarantee a price increase.
While the price being set below the lower end of the indicative range
represents an 'opportunity to buy at a discount,'
it is also a market signal that
'institutions did not recognize a higher valuation.'

Second, be prepared for volatility immediately after listing.
Large-cap IPO stocks often exhibit extreme price swings in the early days,
particularly with sharp rallies and drops
following the formation of the opening price relative to the offering price.

Third, you must check the lock-up expiration schedule.
When lock-up shares held by major shareholders and institutions are released,
large-scale selling could put downward pressure on the stock price.

Fourth, it is necessary to monitor Upbit-related deposit ratios
alongside virtual asset market trends.
Since Upbit-related deposits account for a significant portion of K Bank's total deposits,
a downturn in the virtual asset market or tightened regulations
could directly impact K Bank's financial soundness.

Fifth, if you are investing with a medium- to long-term perspective,
it is advisable to consistently track
K Bank's quarterly earnings trends and platform business expansion results.

The Third-Time Test Taker's Diploma: What Final Grade Will the Market Assign?

K Bank's third IPO attempt has become
the most candid case study of where internet-only banks
currently stand and their limitations.

Pushing through with the listing even after slashing the offering price
following two withdrawals
was likely a choice K Bank could no longer afford to postpone.

After entering KOSPI on March 5,
the grade the market assigns to this 'third-time test taker'
will ultimately be determined by its earnings and growth potential.

Whether the low offering price will serve as a springboard for gains
or the market's sober assessment will persist as is,
all eyes are on K Bank's trajectory after listing.