HD Hyundai Marine Solution share price expected to hit $538 million IPO, sources say – 04/23/2024 at 03:30

(Automatic translation by Reuters, please see disclaimer

(Adds details of agreement from paragraph 3) by Scott Murdoch

HD Hyundai Marine Solution is set to price its shares at a record high to raise 742 billion won ($538 million), two people with direct knowledge of the matter said in South Korea’s biggest IPO in two years.

The people spoke on condition of anonymity because the information is confidential.

The indicative price range for the 8.9 million shares to be sold in the IPO was between 73,300 won and 83,400 won each, according to regulatory filings.

Hyundai Marine Solution will issue 4.45 million new shares in the IPO, while 4.45 million existing shares will be issued by a private equity fund and second-largest shareholder KKR Inc KKR.N.

The parent company, HD Hyundai 267250.KS, will remain the largest shareholder of Hyundai Marine, a provider of ship maintenance and repair services.

A Hyundai Marine official said the company could not confirm the IPO share price and that it would be issued on Wednesday. KKR did not respond to a request for comment.

The deal is South Korea’s biggest IPO since battery maker LG Energy Solution 373220.KS raised $10.72 billion in 2022, according to Dealogic data.