Hanpass set its initial public offering price at 19,000 won, the top end of its indicated range of 17,000 won to 19,000 won, after posting a high subscription rate in bookbuilding for institutional investors.

Hanpass said on Thursday that 2,229 domestic and overseas institutions took part in the bookbuilding held from March 6 to 12, with a competition rate of 1,172.59 to 1.

It said 99 percent of participating institutions offered prices at or above the top end of the range, setting the offer price at 19,000 won. Total proceeds are expected to be about 20.9 billion won, with an estimated market value of about 200 billion won after listing.

The company plans to use the funds raised for paid-in capital increases at its subsidiaries in Japan and Australia, acquisition funding for strategic investments, facility investment to strengthen information security and service infrastructure, and working capital for platform expansion and marketing.

It plans to take retail subscriptions from March 16 to 17, with a planned listing date of March 25.

Kim Kyung-hoon (김경훈), Hanpass's chief executive, said, "We would like to thank institutional investors for their active participation in the bookbuilding." He said, "On the back of the listing, we will further advance our foreigner finance and lifestyle platform and move forward to become a global cross-border super app (Cross-Border Super App)."