Kbank IPO: 60M shares, price range KRW 8,300~9,500

Offering overview: 60M common shares (new and secondary), price range KRW 8,300~9,500, total KRW 498~570 billion. Joint bookrunners NH Investment & Securities, Samsung Securities; underwriter Shinhan Securities.
Financial health: Q3 2025 BIS ratio 15.01%, NPL ratio 0.54%, delinquency rate 0.56%, LCR 224.31% – all sound.
Profitability: 9M 2025 net profit KRW 103.4 billion, NIM 1.38%, ROE 6.49%. Net interest margin declining; net fee income remains negative.
Key risks: 1) Dependence on Dunamu (VASP deposits 20.5%, p/banking fees 32.6% of fee income), 2) Loan portfolio (unsecured household loans 41.3%, mid/low-credit loans 33.1%), 3) Lock-up expiration (36.35% tradable at listing, 100% after 1 year), 4) Stock option dilution risk (1,840,135 shares, 0.45% potential dilution).
Use of proceeds: Operating funds KRW 235.1 billion (capital adequacy KRW 200.1B, SME expansion KRW 20B, tech enhancement KRW 10B, platform build-up KRW 5B), others KRW 10B (digital assets).
Others: No put-back option, no over-allotment. Previous IPO withdrawal (Oct 2024). Maximum shareholder compensation cap KRW 110B. Post-IPO largest shareholder stake 31.24%.