S.Korea’s Mirae Asset Life Insurance to raise $307 mln in July IPO: Reuters

(Reuters) South Korea’s fifth largest life insurer Mirae Asset Life Insurance Co Ltd said on Thursday it would raise 340.5 billion won ($306.53 million) in an initial public offering planned in July.

Mirae Asset Life priced the offer at 7,200 won per share, below an indicative range of 8,200-10,000 won per share. The company is issuing 40 million new shares, while an affiliate investment company is also selling the 5.4 million existing shares it currently holds.

Affiliates and related shareholders including Mirae Asset Securities Co Ltd and Mirae Asset Capital Co Ltd owned a combined 69 percent stake in the life insurer as of end-March.

Samsung Securities, Citigroup and Daiwa Securities Group are advising the IPO.