Hyundai Oilbank applies for stock debut on KOSPI
[THE INVESTOR] Local refiner Hyundai Oilbank on July 12 said it has filed for a preliminary review to float its shares on Korea’s main KOSPI bourse, in what could be one of the largest initial public offerings this year.
If Hyundai Oilbank passes the screening process by the market operator Korea Exchange, it plans to make its market debut in October or November. NH Investment & Securities and Hana Financial Investment are underwriters for the sale.
Industry watchers project Hyundai Oilbank’s share sale could raise 2 trillion won (US$1.77 billion) to 3 trillion won with a market cap of 10 trillion won. The successful listing could break the record set by game publisher Netmarble Games last year, which raised 2.66 trillion won to become the second largest IPO here after Samsung Life Insurance with 4.9 trillion won.
The market cap is calculated by multiplying Hyundai Oilbank’s over-the-counter stock price that reached 50,000 won per share and 245.1 million units that are up for sale.
Last year, Hyundai Oilbank, Korea’s smallest refiner by capacity, posted revenue of 16.38 trillion won and an operating profit of 1.13 trillion won, more than 30 percent rise on-year.
Hyundai Heavy Industries owns 91 percent of Oilbank.
By Ahn Sung-mi (email@example.com)