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Biz News Korea(Eng)

Samsung BioLogics eyes $2 billion IPO subscription on Nov. 2-3

Collected: 2016.10.05

Distributed: 2016.10.06

Source: Go Direct

Samsung BioLogics will likely become this year’s blockbuster entrant to the main Korean bourse with its initial public offering planned for early November expected to fetch more than $2 billion, the biggest arrival after Samsung Life Insurance and Doosan Bobcat.

The bioengineering unit of Samsung Group in a securities report submitted to the Financial Supervisory Service and the Korea Exchange said that it plans to float 16,541,302 shares at desired price range of 113,000-136,000 won ($122) each, or from 1.87 trillion won to 2.25 trillion won. Book-building is scheduled for Oct. 17-27 to determine the price before IPOs are open to buyers Nov. 2-3.

Samsung BioLogics will provide 11 million in new issues and another 5.51 million in existing shares held by Samsung Electronics for public offering. Samsung Electronics will be able to earn up to 750 billion won and in return see its interest in Samsung BioLogics reduced from 47.79 percent to 31.49 percent.

Samsung BioLogics’ market capitalization is expected to reach from 7.5 trillion won to 9 trillion won and become the second largest biotech company in Korea behind Celltrion.

By Chae Jong-won

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