이 기사는 2019년 10월 08일 08:00 thebell 에 표출된 기사입니다.

NH Investment & Securities is cementing its leading position in South Korean league table for equity capital markets (ECM).

According to the bell's league table, the total value of equity underwriting by bookrunners - excluding block trades - in the first three quarters of 2019 stood at around 3.5 trillion won, down nearly 50 percent from the same quarter in 2018. It was also reduced by almost two thirds compared to the same time two years ago.

Despite negative market conditions, NH Investment retained a firm hold on first place. With other firms' fortunes fluctuating more, the securities company continues dominating the list, bringing in proceeds of more than 997 billion won with a market share of nearly 29 percent.

NH Investment was the joint bookrunner in the 471.8 billion won rights offer of Doosan Heavy Industries, the largest ECM deal in Korea so far this year. It also led several notable initial public offering (IPO) deals such as Japanese game company SNK Corp's IPO on KOSDAQ, worth 169.7 billion won and the 168.5 billion-won IPO of Hyundai Motor Group's IT service unit Hyundai AutoEver.

Korea Investment & Securities (KIS), which jointly led the Doosan Heavy Industries rights issue deal with NH Investment, ranked second with a total of 647 billion won in proceeds, capturing roughly 19 percent market share. It also led some major IPOs like Pum-Tech Korea (97.3 billion won) and Settlebank (79.6 billion won).

Shinhan Financial Investment came in third with a total of 360 billion won in proceeds. It first ranked within top three in the league table year-to-date through the third quarter, reaching a market share of a little over 10 percent. The brokerage arm of South Korea's major lender Shinhan Bank led some deals in the healthcare sector such as the 149.6 billion-won rights offer of Helixmith and the 85.7 billion-won IPO of Aprogen Pharmaceuticals.

Mirae Asset Daewoo, which had remained in low ranks during the first half, climbed to fourth place. In the third quarter, it acted as the bookrunner for the 73 billion-won rights issue of ILJIN Diamond and the 69 billion-won IPO of Cowin Tech specializing in smart factory solutions.

Equity-linked note issue activity has been also subdued. KIS led two mezzanine issues of Shinsung E&G (30 billion won), South Korean company providing semiconductor cleanroom solutions, and South Korean food manufacturer Pulmuone (70 billion won), while KTB Investment & Securities acted as the bookrunner for the 25 billion-won mezzanine issue of South Korean renewable energy company Unison.

Meanwhile, private equity exit activity dominated in the block trade market. Major block transactions in the first half include One Equity Partners' sale of 6.5 million shares of its stake in Celltrion Healthcare and Affinity Equity Partners' sale of 2.78 million shares in Kakao, which were advised by UBS and JP Morgan respectively. Most recently, HDC Hyundai Development sold its entire stake, or more than 1.27 million of its shares, in Samyang Foods to Mirae Asset Daewoo for 94.7 billion won in a block transaction.

(By reporter Yang Jung-woo)