Kbank said on Tuesday it submitted a securities registration statement to South Korea’s Financial Services Commission to list on the main KOSPI market, and has entered the full-scale IPO process.

Kbank set a shareholder-friendly offering structure for the IPO. The total number of shares on offer is 60 million, and the indicative price band is 8,300 to 9,500 won per share. Based on the top of the range, its post-listing market capitalisation would be about 4 trillion won. The maximum offering size is 570 billion won.

Kbank calculated the indicative price band by selecting major internet banks at home and abroad as peer companies. It chose South Korea’s KakaoBank and Japan’s Rakuten Bank as peers, and said both are expanding their customer and business base through a banking-as-a-service model that provides banking services or infrastructure to partners based on non-face-to-face operations.

Based on its selection of peer companies, Kbank’s indicative price band is equivalent to a price-to-book ratio of 1.38 to 1.56. It said it lowered the level by about 20 percent from the previous offering timing to reflect market expectations.

Kbank plans to use proceeds from the offering to step up efforts to practise innovative finance and inclusive finance.

It plans to conduct bookbuilding for institutional investors at home and abroad from Feb. 4 to Feb. 10 to finalise the offer price. It then plans to take subscriptions over two days on Feb. 20 and 23. The planned listing date is March 5.

The lead managers are NH Investment & Securities and Samsung Securities, and Shinhan Investment Corp will participate in the underwriting group.

A Kbank official said the company plans to invest the IPO proceeds in securing capital adequacy, expanding entry into the SME market, strengthening tech leadership, building a platform business foundation and entering new businesses, and to step up efforts to practise innovative finance and inclusive finance. The official said it would win recognition for the right corporate value through thorough preparation.