K Bank Share Pop Fizzles in Debut on Volatile Korean Market

Digital lender K Bank Co.’s shares erased an early surge in their debut after a 498 billion-won ($346 million) initial public offering on South Korea’s stock exchange, which has been going through vicious reversals this week.

The shares closed at 8,330 won, little changed from their IPO price of 8,300 won after jumping as much as 19% in early trading and later slumping as much as 2.2%. That compares with a 43% weighted average first-day gain for South Korean stocks following initial public offerings that raised $300 million or more in the past 30 years.