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Hyundai Samho raises 300b won by pre-IPO
Tuesday, April 25, 2017, 18:11:01 Paul Yoon ckyoon7@paran.com
Hyundai Samho Heavy Industries (Hyundai Samho) has successfully raised 300 billion won by pre-IPO.

Hyundai Samho said on Apr. 24 that it has inked an MOU with IMM PE (Private Equity), a domestic private equity player, on pre-IPO worth 300b won.

The pre-IPO is offered to institutional investors by selling equity of a company before being listed subject to sale when listed.

Under the MOU Hyundai Samho issues 5.360 million convertible preferred stocks, all of which IMM PE buys for 56,000 won per stock. As a result, Hyundai Samho’s market value is estimated for 2.5 trillion won, 83.7% of which Hyundai Heavy holds and is expected to be reassessed for its enterprise value.

Showing persistent interests in shipbuilding and shipping services, IMM PE has pursued diverse investment to date in Hanjin Shipping’s New Port and Hyundai MM’s LNG operation. Backed up by its specialty in shipbuilding and shipping sectors, IMM PE is sure of the looming recovery in shipbuilding industries ahead, and has been participating in the pre-IPO issued by Hyundai Samho, which has the competitive edge as one of the leading business players in the shipbuilding sector, Maritime Press understands.

A Hyundai Samho official said: “Despite being unlisted, the value of Hyundai Samho has been assessed higher than that of other listed shipbuilders. This shows the high expectations of the shipbuilding market recovery ahead as well as Hyundai Samho’s shipbuilding edge.”
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