Hyundai Oilbank’s parent company plans to sell shares in IPO Saudi Aramco has no plan to unload its shares in Korean oil refiner’s IPO
Translated by Ryu Ho-joung 공개 2021-12-29 08:23:03
이 기사는 2021년 12월 29일 08:14 thebell 에 표출된 기사입니다.
Hyundai Heavy Industries Holdings plans to sell part of its shares in Hyundai Oilbank’s initial public offering, which is expected to take place in the first quarter of 2022, according to industry sources.The holding company, which owned a 74.13% stake in Hyundai Oilbank as of the end of September, is considering selling shares equivalent to about 10% of the number of shares to be offered in the IPO.
Saudi Aramco, the second largest shareholder of the South Korean oil refiner, doesn't plan to unload any shares in the IPO.
In 2019, Hyundai Oilbank raised about 1.37 trillion won ($1.16 billion) at an 8 trillion won valuation from Aramco in a pre-IPO financing, which gave the global oil giant a 17% stake in the company.
Aramco is a strategic investor in many companies in the oil refining sector around the world. It is also the largest shareholder of S-Oil, South Korea’s second biggest oil refiner, with a 63.41% stake.
Hyundai Oilbank reportedly intends to set an IPO valuation target less aggressively. Many expected the company to favor a valuation of 10 trillion won or higher considering the 8 trillion won valuation achieved in its last private fundraising. But it is said that the company targets a valuation lower than 10 trillion won.
The oil refiner plans to raise about 3 trillion won in the offering after considering adverse market conditions. Given the size of the offering, Hyundai Heavy Industries Holdings is likely to be able to raise at least 300 billion won by selling some of its stake in the company.
“Hyundai Heavy Industries Holdings wants to sell shares worth more than 10% of the offering size in Hyundai Oilbank’s IPO, although nothing has finalized yet,” an industry insider said. “Saudi Aramco does not plan to sell its stake.”
Hyundai Oilbank filed a preliminary IPO application with the Korea Exchange about two weeks ago. Given that it normally takes two months for review, it is likely that the company will get approval from the stock exchange as soon as the middle of February next year. The lead underwriters are KB Securities, NH Investment & Securities and Credit Suisse. (Reporting by Kyung-ju Lee)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 한국타이어앤테크놀로지, 한온시스템 인수한다
- [수술대 오른 커넥트웨이브]2대주주 지분매입 나선 MBK, 주식교환 카드 꺼냈다
- [이사회 모니터]이재용 에이비프로바이오 대표, 바이오·반도체 신사업 '드라이브'
- 와이투솔루션, 주인 바뀌어도 '신약' 중심엔 美 합작사 '룩사'
- 아이티센, 부산디지털자산거래소 본격 출범
- 아이에스시, AI·데이터센터 수주 증가에 '날개'
- [이사회 모니터]서정학 IBK증권 대표, ESG위원회도 참여 '영향력 확대'
- SW클라우드 '10주년' 폴라리스오피스, “초격차 밸류업”
- 큐브엔터, 우량기업부 승격 "재무·실적 등 반영"
- 굿닥, 삼성생명과 헬스케어 마케팅 '맞손'