California-based construction firm Exbon Development is seeking an initial public offering on South Korea’s second-tier bourse Kosdaq by the second half of 2020, its IPO underwriter Hana Financial Investment said on April 30.

This comes a month after Exbon selected the Seoul-based investment house as the IPO underwriter. Representatives of the two held a kick-off meeting for the IPO on April 29. 

Hana Financial Investment CEO Lee Jin-kook (left) and Exbon Development CEO Jae Jung pose for a photo at an IPO kick-off meeting held in Hana's headquarters in Yeouido, Seoul.
Hana Financial Investment

“We expect Exbon’s exponential growth amid increasing US government-led investment in infrastructure projects and education facilities,” Hana Financial Investment CEO Lee Jin-kook said in a statement.

Details of the IPO as to how many shares will be offered and their par value are yet to be determined.

Exbon Development has been dedicated to construction management, general contracting, design-build and engineering services for commercial real estate and public infrastructure projects for government agencies in the US for the past 19 years.

It has been engaged in some 5,000 real estate projects since its foundation, including some 70 state facilities and 1,740 education facilities, according to Hana Financial Investment.

Hana Financial Investment is a subsidiary of one of Korea’s major commercial bank-led financial group Hana.
 

Couresty of Exbon Development

By Son Ji-hyoung (consnow@heraldcorp.com)