South Korea’s mobile-only commercial lender Kakao Bank said Tuesday that it plans to raise 250 billion won ($226 million) from Hong Kong-based private equity firm Anchor Equity Partners.

Under the plan approved by the board the same day, Anchor Equity Partners will complete the payment by Dec. 7 to buy 1 million new ordinary shares of Kakao Bank, as the lender plans to fetch a combined 1 trillion won by year-end before its initial public offering next year.

Kakao Bank also said US investment firm TPG Capital paid 250 billion won on Thursday to become the lender’s shareholder, as announced in October.

Once the capital increase is complete, Kakao Bank’s paid-in capital will reach 2.8 trillion won by December.

Meanwhile, the bank said it would start the bidding process to select IPO underwriters later in November.

Anchor Equity Partners has been investing in companies in Korea and China, including mobile content platform Kakao Page, entertainment firm Kakao M, local banking group JB Financial Group and coffeehouse chain A Twosome Place.

By Son Ji-hyoung (consnow@heraldcorp.com)