K Bank, South Korea's first internet-only bank, which is seeking a listing on the main KOSPI market, set its final initial public offering price at 8,300 won, it said on Wednesday.

K Bank ran a demand forecast for domestic and overseas institutional investors for 5 business days from Feb. 4 to Feb. 10. A total of 2,007 institutions participated, applying for about 6.55 billion shares, for a competition ratio of about 199 to 1. Total orders were tallied at about 58 trillion won.

An official at the lead managers said many participating institutions offered prices including the top of the IPO price band, and the overall assessment of the company's value was very positive. The official added the IPO price was set at a market-friendly level after taking into account the post-listing share price trend, market stability and protection of retail investors.

Based on the confirmed IPO price of 8,300 won, the total offering will raise 498.0 billion won and the post-listing market capitalisation will be 3.37 trillion won.

K Bank's strategy is to secure capacity for new lending growth of more than 10 trillion won through capital expansion. Based on this, it plans to focus investment on entering the SME market, strengthening tech leadership, building a platform business foundation and new business areas such as digital assets.

Subscriptions for retail investors will be held for 2 days on Feb. 20 and Feb. 23 for up to 18 million shares, or up to 30 percent of the total offering.

Retail subscriptions can be made through NH Investment & Securities and Samsung Securities, the joint lead managers, and Shinhan Investment Corp, a member of the underwriting group. K Bank plans to begin trading after listing on the KOSPI market on March 5 following the retail subscription.

K Bank CEO Woo-hyung Choi (최우형) said he was grateful to investors who sympathised with the vision K Bank will build. He added K Bank will continue to grow together with both customers and shareholders after the listing while adding differentiated value.