South Korea's Kakao Pay has updated the prospectus for its IPO in October, lowering its target price after an intervention from regulators.
In July, Kakao said it planned to raise about 1.632 trillion won ($1.4 billion) by selling 17 million shares at an indicative range between 63,000 won and 96,000 won.
Now, it has adjusted the share price to a range of 60,000 won to 90,000 won to raise up to 1.530 trillion won when it makes it market debut on 14 October.
According to Bloomberg, the Financial Supervisory Service asked Kakao to revise its prospectus but has not explained why.
Spun off from South Korean m-commerce platform Kakao in 2017, Kakao Pay counts Chinese fintech giant Ant among its investors.
The firm claims over 36 million registered users, with an annual transaction volume of 67 trillion won.