South Korean internet-only bank Kakao Bank Corp. is set to draw relatively low subscription from retail investors for its initial public offering (IPO), with deposits for the stock offering at a smaller-than-expected 22 trillion won ($19.1 billion) as of 11 a.m., its IPO managers said Tuesday.

On the last day of the two-day subscription, retail investors may pour additional deposits to subscribe for one of the largest IPO deals.

Kakao Bank's IPO subscription for individual investors closes at 4 p.m.

Last week, Kakao Bank set its public offering price at 39,000 won, hoping to raise 2.55 trillion won via its listing at the main bourse on Aug. 6.

The total figure is smaller compared with those of other big-name companies that went public this year, such as SK IE Technology Co. and SK Bioscience Co., which raised 43.8 trillion won and 33.9 trillion won in subscription deposits, respectively.

Kakao Bank said the subscription is notably picking up the pace on the second day, noting that investors are waiting to figure out the lowest competition rate among the five IPO advisers.

Via the IPO, Kakao Bank's capitalization may reach 18.6 trillion won upon the market debut, far higher than some 13 trillion won for Hana Financial Group Inc. and about 8 trillion won for Woori Financial Group Inc. -- two of South Korea's four major financial holding firms.

Kakao Bank, led by Kakao Corp., the operator of the country's dominant messaging app KakaoTalk, has gained popularity among mobile-savvy customers in recent years thanks to its around-the-clock service and convenience. (Yonhap)