Kakao Pay, the mobile payment branch of Kakao Corporation, began receiving subscriptions on Monday from individual retail investors for its initial public offering(IPO). 

Through Tuesday, Kakao Pay is set to sell four-point-25 million shares to retail investors, or 25 percent of the 17 million shares in total offer volume. 

In particular, the service plans to equally distribute shares to all subscribing retail investors instead of allocating more shares to those willing to pay larger deposits, which is a first in the nation’s IPO history.

Individual investors can receive the same amount of shares if they subscribe to a minimum of 20 shares with a deposit of 900-thousand won.

Individual investors can subscribe through four securities firms, including Samsung Securities, Daishin Securities and Shinhan Investment Corporation.

After receiving the subscriptions, Kakao Pay is set to make its debut on KOSPI next Wednesday.