Asian Tech Press (Oct 22) -- Kakao Pay Corp., South Korea's largest online payment service provider, raised $1.3 billion in its IPO, Bloomberg reported Friday.

The report cited sources as saying that Kakao Pay has raised 1.53 trillion won ($1.3 billion) in its initial public offering after pricing the company's shares at the top of a marketed range.

The company sold shares at 90,000 won each, the source said.

Kakao Pay is a member of Kakao Corp, a major mobile instant messaging service provider in South Korea, and offers financial services including money transfers, savings accounts and asset management.