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Biz News Korea(Eng)
Foreign owner mulls IPO option for Korean delivery company Logen
- Collected
- 2016.06.30
- Distributed
- 2016.07.01
- Source
- Go Direct
According to the investment banking industry on Wednesday, Baring PEA failed to narrow price difference with United Parcel Service of America, Inc. (UPS), the remaining candidate. It is now studying the option of an IPO of the parcel delivery service company to retrieve investment. DHL International GmbH and STIC Investments Inc., which were shortlisted with UPS as candidates, pulled out earlier.
Baring PEA wanted to sell Logen including management right premium at more than 400 billion won ($345 million) but the candidates hoped to buy it at between 250 billion won and 300 billion won. They failed to reach an agreement in price.
Baring PEA is said to have recently had meetings with several securities firms to select a company in charge of the IPO. It also had a meeting with Korea & Investment Securities CO.
“The IPO is sometimes used for a company to change the atmosphere to push for the sale once again,” said an official of the industry. He did not predict Baring to actually go ahead with an IPO, which would not reap as much returns as a single stake sale that includes a premium on management control.
Moreover, no companies owned by a foreign PEF have gone public in Korea.
By Ko Min-seo
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