Hanpass CEO Kim Kyung-hoon (fourth from left) poses with officials at a listing ceremony held at the Korea Exchange in Yeouido, western Seoul, Wednesday. (Korea Exchange)
Hanpass CEO Kim Kyung-hoon (fourth from left) poses with officials at a listing ceremony held at the Korea Exchange in Yeouido, western Seoul, Wednesday. (Korea Exchange)

Hanpass, a South Korean fintech firm specializing in overseas remittances for foreign residents, soared on the tech-heavy Kosdaq upon its market debut Wednesday, paving the way for global expansion.

The stock closed at 27,200 won ($18) on the secondary bourse, up 43.16 percent from its initial public offering price of 19,000 won. It opened at 37,100 won and quickly reached an intraday high of 47,750 won, up 150 percent from the IPO price, before paring gains later in the session.

The strong debut was driven by robust demand from both institutional and retail investors during the pre-listing process.

Earlier this month, book-building drew 2,229 institutions, resulting in a competition ratio of 1,172.6 to 1, while the retail subscription demand reached 1,673.04 times the shares on offer, attracting 4.37 trillion won in deposits. Its offering price was set at 19,000 won, the top of the proposed range.

Founded in 2017, Hanpass provides cross-border remittance and payment services through a prefunding-based platform, enabling lower fees and faster transfers than traditional banks.

Having established a network of more than 50 global money transfer operators across over 200 countries, the fintech company has been expanding its services for foreign residents to include transportation, commerce and job-matching offerings.

Proceeds from the listing will be used for capital increases in its Japan and Australia affiliates, strategic investments for global expansion, and operating expenses such as platform growth and marketing.

Hanpass reported revenue of 55.02 billion won and operating profit of 5.41 billion won in 2024.


silverstar@heraldcorp.com