ING Life Insurance is expected to be listed in the Korean stock market within May, with its initial public offering value estimated at around 1.34 trillion own, the second trillion-won-level IPO this year behind Netmarble Games.
This would be the first of its kind in Korea’s IPO history in light of the fact that it is 100-percent owned by a private equity fund. ING Life Insurance submitted an IPO plan to the Financial Services Commission on March 23.
Under this plan, it hopes its IPO price to range from 31,500 won to 40,000 won, with its market capitalization likely to range from 1.05 trillion won to 1.34 trillion won.
MBK Partners that has the 100-percent stake in ING Life Insurance will offer its 40.85-percent stake (33.5 million shares) without issuing new shares.
This will be the first case in which a private equity firm recoups its investment through an IPO. Depending on whether ING Life can succeed in the IPO, other private equity firm-owned companies would likely follow suit. MBK Partners acquired ING Life back in December 2013 for 1.8 trillion won.