이 누리집은 대한민국 공식 전자정부 누리집입니다.

한상넷

비즈니스 정보

Biz News Korea(Eng)

ING Life Insurance Korea $1.2 billion IPO set for May 8

Collected: 2017.03.24

Distributed: 2017.03.28

Source: Go Direct

[Photo by ING Life Insurance Korea]

ING Life Insurance Korea goes public early May in what could be one of Korea’s biggest initial public offerings (IPO) this year at 1.34 trillion won ($1.2 billion).

According to its public offering outline reported to the Financial Supervisory Service, ING Life, fifth largest in the country, will offer 40.9 percent stake held by its majority shareholder MBK Partners LP to the market in 33.5 million existing shares. Of the offering, 6.7 million shares will become available to the public on April 27-28. The desired pricing band is set at 31,500 won-40,000 won, or 1.06 trillion won to 1.34 trillion won, in total.

Pricing is set on April 24 after book-building from April 6 to April 21. The shares would trade from May 8.

Samsung Securities and Morgan Stanley are the underwriters while KB Securities, Mirae Asset Daewoo Securities, and Goldman Sachs advise on the IPO.

Given its net assets of 4.15 trillion won as of the end of 2016, its market capitalization is estimated to reach from 2.1 trillion won to 2.5 trillion won.

ING Insurance Korea is the fifth largest life insurer in Korea. It was set up as a local subsidiary of Dutch ING Group in 1991 and its 100 percent stake was sold to MBK Partners at 1.8 trillion won in 2013. The life insurer registered 321.8 billion won in operating profit on revenue of 4.3 trillion won last year.

MBK Partners chose to redeem about half of its investment through public offering instead of looking for a buyer for its stake.

By Chung Woo-sung

Read in Korean

List

Previous: Posco on path to transformation into ‘smarter’ steel company

Next: S. Korea’s Hankook Tire to upgrade retail outlets to multi shops