Toss Bank to raise $257.4 mn as it runs out of fund in the first month of banking biz

Toss Bank is selling 60 million new shares - 45 million common shares and 15 million convertibles – to its existing shareholders to refuel capital base by 300 billion won ($257.4 million) after the third app-based bank quickly ran out of ammunitions due to a flood of loan demand since its bank opening in early this month. The bank’s paid-in capital will increase to 550 billion won from the current 250 billion won after the offering, tol boost its deposit limit to 7 trillion won. Hanwha Investment & Securities separately disclosed it is buying 6 million new shares of Toss Bank at 30 billion won, raising its stake in Toss Bank to 8.86%.

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