South Korea’s ICT service provider Hyundai AutoEver is poised to raise 168.4 billion won ($148.63 million) in its forthcoming initial public offering, a disclosure showed on March 18.
Hyundai AutoEver’s initial offering price was set at 48,000 won per share, above the ceiling of the suggested price of 44,000 won. If the shares are fully subscribed, the IPO will raise what is at least 9 percent larger than the earlier estimates, at up to 154.4 billion won.
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Of 913 institutional investors that took part in the firm’s book building, 99.9 percent evaluated the share price above 44,000 won ceiling, according to the company.
NH Investment & Securities, Korea’s second-largest investment bank by asset, is the underwriter of the IPO.
Hyundai AutoEver was founded in 2000 and is now the only ICT service arm of family-owned conglomerate Hyundai Motor Group. Over 90 percent of its shares are owned by Hyundai Motor and its affiliates including Kia Motors and Hyundai Mobis, as well as its Executive Vice Chairman Chung Eui-sun.
The share subscription will take place on March 19-20. It will go public on March 28, with its market cap estimated at 1.01 trillion won.
By Son Ji-hyoung (email@example.com)