April 26, 2024

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[THE INVESTOR] Korean parcel delivery firm Logen is gearing up to make a stock debut next year, according to industry sources on May 10.

Hong Kong-based private equity fund Baring Private Equity Asia, which fully owns the firm, has reportedly picked Mirae Asset Daewoo as the lead manager. Korea Investment and Securities has also been named the associate manager.

The company’s market value is estimated to be priced at about 330 billion won (US$307.17 million).

Logen, established in 1999, may be a small player compared to the nation’s big three delivery firms -- CJ Logistics, Hanjin Express and Lotte Global Logistics -- but it has specialty in C2C business with higher profits. Last year, it posted 323 billion won in sales and 21.3 billion won operating profit. Its operating ratio at about 6.45 percent far outpaced 3.31 percent of CJ and 1.19 percent of Hanjin. Lotte suffered 17.4 billion won losses last year.

BPEA acquired the entire stake in Logen for 160 billion won in 2013.

By Song Seung-hyun (ssh@heraldcorp.com)