S.Korea's Hyundai Global Service aims to raise $1 bln in 2024 IPO -sources

HD Hyundai

20/09/2023 07:13

By Kane Wu and Scott Murdoch
       HONG KONG/SYDNEY, Sept 20 (Reuters) - South Korea's
Hyundai Global Service, backed by private equity giant KKR
 KKR.N , aims to raise up to $1 billion in a Seoul initial
public offering (IPO) in the first half of 2024, said two people
with direct knowledge of the matter.
    The marine services arm of shipbuilder Hyundai Heavy
Industries Holdings has mandated JPMorgan, UBS and KB Securities
to work on the offering, said one of the people.
    Hyundai Global Service targets a valuation of $3 billion to
$4 billion, the person said.
    The two people declined to be identified as the information
is not public yet.
    Hyundai Global Service, KKR and JPMorgan did not immediately
respond to requests for comment. UBS declined to comment. A
spokesperson for KB Securities confirmed the South Korean
brokerage was a co-lead adviser.

 (Reporting by Kane Wu in Hong Kong and Scott Murdoch in Sydney;
Additional reporting Joyce Lee in Seoul; Editing by Sumeet
Chatterjee and Christopher Cushing)
 ((Scott.Murdoch@thomsonreuters.com;))