South Korea's HD Hyundai Marine plans IPO raising up to $554 mln

HD Hyundai Heavy Industries Co

26/03/2024 05:53

SEOUL, March 26 (Reuters) - South Korea's HD Hyundai
Marine Solution said it was planning an initial public offering
to raise up to 742 billion won ($553.87 million). 
    The deal would be the largest South Korean IPO since battery
maker LG Energy Solution  373220.KS  raised $10.72 billion in
2022, according to Dealogic data. 
    Ahead of HD Hyundai Marine, the country's largest IPO last
year was Ecopro Materials  450080.KS , raising $321 million.
    The ship maintenance and repair service provider said in a
regulatory filing late on Monday that it plans to offer 8.9
million shares, priced between a target range of 73,300 won to
83,400 won each. 
    HD Hyundai Marine Solution will issue 4.45 million new
shares, while existing 4.45 million shares will be offered by
private equity fund and second-largest shareholder KKR. The
parent company, HD Hyundai  267250.KS , will remain the largest
shareholder. 
    The company intends to invest the proceeds to strengthen its
ship maintenance business and expand its eco-friendly retrofit
business in response to tougher environmental regulations, it
said. 
    The listing is expected in May. 
    Higher global interest rates, stubborn inflation and ongoing
geopolitical conflicts have prompted a slowdown in IPOs
worldwide, especially in Asia where new deals have fallen to
multi-year lows. 
    In the Asia-Pacific including Japan region, IPOs raised $7.1
billion in the first quarter of 2024 compared to $17.3 billion
at the same time last year, according to LSEG data. Korean IPOs
were worth $361.6 million in the past three months, down from
$509 million last year in the same period. 
    

($1 = 1,339.6700 won)

 (Reporting by Joyce Lee and Scott Murdoch; editing by Miral
Fahmy)
 ((joyce.lee@tr.com;))