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Biz News Korea(Eng)
Korean clothing OEM Panko pools in PEF fund ahead of IPO
- Collected
- 2016.11.04
- Distributed
- 2016.11.07
- Source
- Go Direct
According to the investment banking industry on Wednesday, the PEF has raised a fund worth 50 billion won to buy a stake in the apparel company. The deal is expected to be closed within this month with the PEF buying new shares and existing shares from the 74.1 percent stake owned by Choi Young-joo, chairman and the largest shareholder of Panko. The deal is a kind of private placement ahead of an initial public offering as the company aims to go public in 2018.
Founded in 1984 by Chairman Choi Young-joo, Panko is an original design manufacturer (ODM) and original equipment manufacturer (OEM) for clothes. The company’s main clients include UNIQLO and MUJI, as well as fast-fashion apparel companies in Korea, the U.S. and Europe. Its sales have been growing by double digits every year. It posted 9.3 billion won in net profit, 21.4 billion won in operating profit and 244.1 billion won in sales last year. Sales this year are estimated to gain 20 percent.
The apparel company plans to use the fund to expand its production facility in Vietnam. The company hopes to build an industrial complex on a site of 1,940,000 square meters in Danang, Vietnam. The company is expected to name an investment bank to prepare for its IPO next year.
By Song Gwang-sup
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]