IPOs of India's Paytm, South Korea's Kakao reveal Gen Z's banking vision

Internet-based businesses are raising funds at a record pace, making use of the boost given by the pandemic to all things digital

India’s biggest-ever initial public offering can’t be chalked up solely to the zeitgeist. Like most markets, irrational exuberance and easy money will no doubt play a part in Paytm’s upcoming $2.2 billion share sale. But above all, investors will be placing bets on what a 12-year-old, unprofitable fintech firm backed by SoftBank Group Corp. and Ant Group Co. could yet become.

As for what that might be, look toward South Korea. 

There, KakaoBank Corp., an affiliate of Ant-backed Kakao Pay Corp., is going public at the top of its indicated price range after institutions bid $2.25 trillion, more than 1,700 times