SEOUL: The actual holding company of Samsung Group Cheil Industries Incorporation expects to raise 1.52 trillion won ($1.36 billion) in South Korea’s biggest IPO in four years after pricing it at the top end of an indicative range.
The Cheil said on Friday the IPO priced at 53,000 won per share, giving a combined value of about 2.8 trillion won ($2.51 billion) for the stakes held by the three children of family patriarch Lee Kun-hee in the company.
Further Cheil Industries is expected to be the key vehicle through which the Lee family will retain control of the Samsung Group. Cheil’s pricing of the IPO compared to an indicated range of 45,000 won to 53,000 won. It is expected to list on December 18.
The company said 1.52 trillion won offering attracted approximately 400 trillion won worth of demand from institutional investors during a book-building exercise on Wednesday and Thursday.
Shareholders Samsung SDI, Samsung Card and KCC Corporation will sell about a combined 18.7 million shares, while 10 million new shares will be issued by Cheil, which operates an amusement park and owns fashion brands.
The 1.16 trillion won float of Samsung SDS exceeding Cheil Industries is expected to be South Korea’s biggest IPO since Samsung Life’s 4.9 trillion won listing in 2010.
