South Korea’s Mirae Asset Life Insurance has pushed back plans for an IPO next year, and decided to sell preferred shares to private equity funds, Reuters reported. The company plans to offer 400 billion won ($372.3 million) worth of preferred shares. Investors that participated in the funds included National Pension Service, Korea Teachers Pension and Korea Post, Reuters wrote.
(Reuters) – Mirae Asset Life Insurance, South Korea’s No.5 life insurer, has pushed back its plan to list on the main KOSPI market to June of next year, after deciding to offer preferred shares to private equity funds, the company said on Thursday.
The company would offer 400 billion won ($372.3 million) worth of preferred shares to private equity funds at 14,200 won each, a regulatory filing showed.
Investors that participated in the funds included National Pension Service, Korea Teachers Pension and Korea Post, according to the company.
“Our success in drawing investment interest from longer-term value investors such as NPS boosts our corporate value,” a company official who declined to be named told Reuters. “At the same time, [the preferred stock offering] helps us raise the funds necessary to diversify our businesses, which in turn will help us get an attractive IPO pricing.”
The listing is expected to come in June 2012, when lockup obligations for share buyers expire, delaying the market debut that had long been expected to come this year.
Samsung Securities Co Ltd and Citigroup Inc have been selected as lead managers of the deal.
Mirae Asset Capital, a financial consultancy and corporate financier, is the firm’s majority shareholder with a near 60 percent stake. ($1 = 1074.300 won) (Reporting by Jungyoun Park; Editing by Chris Lewis)