이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
ING Life Insurance Korea set to go public in May in MBK’s existing shares
- Collected
- 2017.03.13
- Distributed
- 2017.03.14
- Source
- Go Direct
The nation’s fifth largest life insurer of Dutch origin ING Group started service in Korea in 1991. The entire stake in the Korean unit was sold to the country’s top private equity fund (PEF) MBK Partners LP. in 2013.
MBK seeking to redeem its investment will offer more than 50 percent in its existing shares in the initial public offering, making it the first case a PEF retrieves its investment capital from public offering instead of private placement or sales.
The Korea Exchange since 2015 allows entries of enterprises owned by PEFs. But no PEF-owned companies so far have attempted to go public in fear of instability in management.
Other PEFs could turn to the option of retrieving funds through public offering after the ING case.
Up September last year, the insurer earned 3.18 trillion won ($2.77 billion) in operating income and 180.8 billion won in net income. The IPO price is estimated at between 25,000 won and 30,000 won.
By Han Ye-kyung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]