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Biz News Korea(Eng)
Morgan Stanley PE reaps $92 mn, or 55% return from investing in Hyundai Motor’s ad firm Innocean
- Collected
- 2016.05.21
- Distributed
- 2016.05.27
- Source
- Go Direct
The investment company bought a 20 percent stake in Innocean held by the group’s vice chairman Chung Eui-sun in August 2014 before Innocean went public. Innocean issued new shares during its IPO process, pushing down the investment bank’s stake to 18 percent stake valued at 310 billion won.
Morgan Stanley sensed good investment opportunity in the reorganization of the house ad company’s ownership structure. During the process, Innocean sold stake owned by Hyundai’s family owners to reduce the share from 80 percent to 29.99 percent and investors such as Morgan Stanley, Stic Investment Inc. and Standard Chartered Bank Korea purchased the offering as Chung unloaded his 30 percent stake. Morgan Stanley was able the secure the lion’s share as it advised the group’s company’s reorganization.
Innocean’s operating profit jumped to 92.9 billion won in 2015 from 82.3 billion won in 2013, while revenue expanded to 987.9 billion won last year from 634.1 billion won two years ago. The ad company has benefited from chain releases of new Hyundai cars at home and abroad. Its stock has been popular with foreign investors. Shareholding by foreigners that stood at 7.0 percent at the end of December rose to 10.16 percent as of Thursday. They bought 631,631 shares in Innocean over the last five months worth 55 billion won. The stock as result gained 29 percent from 67,100 won at the beginning of the year to 86,400 won on Friday.
By Han Woo-ran
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