South Korea’s Hyundai Global Service aims to raise US$1 billion in IPO: sources
HYUNDAI Global Service, backed by private equity giant KKR, aims to raise up to US$1 billion in a Seoul initial public offering (IPO) in the first half of 2024, said two people with direct knowledge of the matter.
The marine services arm of South Korean shipbuilder Hyundai Heavy Industries Holdings is targeting a valuation of US$3 billion to US$4 billion, said one of people, who declined to be identified as the information was private.
Hyundai Global Service declined to comment on the matter, citing rules that companies were not allowed to make IPO-related statements before officially submitting their filings to financial authorities. KKR declined to comment.
KB Securities, JPMorgan and UBS have been mandated to work on the offering, said a spokesperson for KB Securities. JPMorgan did not respond to a request for comment and UBS declined to comment.
The deal size is not finalised and subject to change, the sources said.
Hyundai Global Service provides marine aftersales, retrofit solutions, as well as digital transformation and bunkering services, according to KKR’s website.
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In 2021, Hyundai Heavy agreed to sell 38 per cent of Hyundai Global Service shares to KKR for 646 billion won plus a cash dividend of 150 billion won from Hyundai Global Service.
KKR said at the time it valued Hyundai Global Service at about 2 trillion won (S$2.1 billion).
South Korea’s Doosan Robotics said on Tuesday (Sep 19) it would price its IPO at the top of the price range to raise US$317 million.
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At that level, Doosan Robotics, which is majority owned by Doosan, will be valued at US$1.3 billion. REUTERS
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