Tmax to raise 350 billion won in funding round Proceeds to be used to return money to existing investors after delay in IPO
Translated by Ryu Ho-joung 공개 2020-06-03 08:02:50
이 기사는 2020년 06월 03일 08:00 thebell 에 표출된 기사입니다.
South Korean software solution provider Tmax is seeking to raise 350 billion won ($285 million) from its last private funding round before an initial public offering (IPO).TmaxData plans to issue exchangeable notes of 280 billion won and redeemable convertible preferred stock (RCPS) of 70 billion won in a private placement, sources said on June 1.
Tmax’s existing investors include Lindeman Asia Investment, Timefolio Asset Management and a consortium of POSCO Capital and J&J Partners.
Lindeman Asia Investment invested 70 billion won two years ago by purchasing exchangeable notes issued by TmaxData and one million shares of TmaxSoft stock originally owned by its founder and chairman Park Dae-yeon. The remaining two investors reportedly later invested in TmaxData and TmaxA&C.
The capital invested by these three investors totaled around 170.5 billion won. Tmax had promised them the listing of TmaxSoft’s shares on the local bourse by this year to provide an exit opportunity. But this has become physically impossible because TmaxSoft only recently received an unqualified audit opinion for its 2018 financial statements, a qualifying condition to apply for an IPO with Korea Exchange.
“It was only this April that TmaxSoft completed its 2018 audited financial statements,” said an industry insider. “Tmax is planning to use part of the proceeds from a funding round to return money to existing investors at a guaranteed yield instead of offering an exit opportunity through an IPO.”
A private equity consortium of J&J Partners and With Private Equity will be the only investor in a new funding round. The consortium is currently raising funds from domestic institutional investors for a 350 billion won investment in Tmax.
As the new capital is secured, Tmax plans to speed up its preparation of the planned IPO. The remaining proceeds after returning money to existing investors will be used to develop database management systems and operating systems.
(Reporting by Se-hun Jo)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- [2023 더벨 글로벌 투자 로드쇼-인도네시아]인니 정부, 친기업 정책 드라이브에 뜨거운 관심 '체감'
- [2023 더벨 글로벌 투자 로드쇼-인도네시아]"유망 스타트업 양성소, 글로벌 투자 거점 부상"
- [2023 더벨 글로벌 투자 로드쇼-인도네시아]"철저히 투자금융 관점서 봐야, 전략적 접근시 유리"
- [2023 더벨 글로벌 투자 로드쇼-베트남]신용보증기금, 중기 베트남 진출 지원에 팔 걷었다
- [2023 더벨 글로벌 투자 로드쇼-베트남]인프라·산업 투자 증가, 부동산 가격 상승 견인
- [2023 더벨 글로벌 투자 로드쇼-베트남]떠오르는 신규 투자처 '온실가스 감축 프로젝트'
- [2023 더벨 글로벌 투자 로드쇼-베트남]VITASK, 베트남 현지 기업 생산·기술력 개선 앞장
- [2023 더벨 글로벌 투자 로드쇼-베트남]급성장 '핀테크' 산업, 전자 결제·P2P·초단기 분야 각광
- [2023 더벨 글로벌 투자 로드쇼-베트남]진출 계획시 세무 접근 필요, '우대세율·감면' 활용해야 '득'
- [2023 더벨 글로벌 투자 로드쇼-베트남]한국이 투자 주춤할 때 태국은 과감히 '베팅'