Kakao Overtakes LG, Hyundai to Rank 3rd in Market Cap

Online juggernaut Kakao has overtaken established conglomerates LG and Hyundai to rank third in terms of total market capitalization on the Korean stock market.

According to the Korea Exchange on Tuesday, Kakao's total market cap stood at W127.9 trillion as of Monday (US$1=W1,190). LG's was W124.8 trillion and Hyundai's W121.3 trillion.

Kakao owns five listed subsidiaries while LG has 14 and Hyundai 12. Samsung is still by far the biggest with W630.5 trillion, followed by SK with W195.9 trillion.

Kakao's market cap fell to W122.2 trillion on Tuesday as stock prices plummeted across the board over the Omicron panic but still remained in the No. 3 spot.

Kakao Pay's stock price has risen particularly steeply this year. The online payment subsidiary's stock price stood at W238,500 on Monday, up 165 percent compared to its subscription price. It received a huge boost after being included in the KOSPI 200 Index recently and now ranks 12th in terms of market cap. Kakao Bank ranks 10th.

The combined market cap of the two financial subsidiaries stood at W64.5 trillion, already surpassing the figure for Korea's four major banks -- KB Koomin, Shinhan, KEB Hana and Woori -- at W63.2 trillion.