KB Securities tops Korea's ECM rankings The firm brought in proceeds of 142.5 billion won amid an absence of major deals
Translated by Kim So-in 공개 2020-04-02 08:00:01
이 기사는 2020년 04월 02일 08:00 thebell 에 표출된 기사입니다.
South Korea’s equity capital markets (ECM) has been hit hard by the outbreak of the novel coronavirus during the first quarter of 2020. Amid an absence of major deals, KB Securities and Shinhan Investment ranked first and second.KB Securities ranked first in the first three months of 2020, bringing in proceeds of 142.5 billion won, according to the bell’s league table. Shinhan Investment came in second with a total of 124.6 billion won in proceeds. This is the first time that KB Securities and Shinhan Investment ranked first and second, respectively, in the first quarter since data began to be compiled by the bell in 2010.
Last year, NH Investment & Securities topped the ECM rankings while Korea Investment & Securities (KIS) and Samsung Securities ranked second and third, respectively. They all ranked low in the first quarter of 2020, with NH Investment & Securities coming in fourth (77.2 billion won), KIS sitting in eleventh (10.8 billion won) and Samsung Securities coming in ninth (18.3 billion won).
KB Securities led initial public offering (IPO) of PlayD deal, bringing in 31.3 billion won in proceeds. The brokerage firm was a bookrunner of Seoul Viosys (15 billion won) and KB No.20 Special Purpose Acquisition Company (12 billion won). The companies all completed their book building processes in the first two months of 2020. KB Securities was also the joint bookrunner for the rights offer of Hyundai Development Company (HDC) and the 20 billion won bonds with warrants (BW) issue of Seouleaguer.
Shinhan Investment was the joint bookrunner for the IPO of JNTC, the largest IPO deal in the first quarter, collecting 60.5 billion won in proceeds. The brokerage also was the joint bookrunner for the rights offer of HDC, bringing in 64.1 billion won in proceeds. Thanks to the deals, Shinhan Investment ranked first in the IPO market with Eugene Investment & Securities, which was also the joint bookrunner for the IPO of JNTC.
There may be a drastic change in rankings over the course of the year as SK Biopharmaceuticals (SK Biopharm) and Hoban Construction haven’t decided their IPO timelines yet. They are considered landmark deals of 2020 with both IPOs valued at multi-trillion won.
SK Biopharm has passed a preliminary review for listing and is mulling over the timing of the submission of the registration statement. The company is proceeding with its initial plan to have its newly issued shares offered to the public by the end of the first half of 2020 despite the outbreak of the coronavirus.
The company has hired NH Investment & Securities and Citigroup Global Markets as joint bookrunners for its planned one trillion won IPO. NH Investment & Securities may jump to first place as it will be able to bring in 500 billion won in proceeds.
Hoban Construction plans to submit the application for preliminary review for the IPO during the second quarter of 2020. The construction company is reportedly pushing ahead with its initial plan. Some industry insiders say that the company may not be able to submit the application in the first half because stock prices of domestic construction companies have declined due to the government’s real estate regulation measures and the outbreak of the coronavirus.
As of the beginning of 2020, Hoban Construction’s valuation is estimated at three trillion to four trillion won and the company is likely to raise around one trillion won. Mirae Asset Daewoo and KB Securities are acting as joint bookrunners. If the IPO deal completes within this year, the joint bookrunners are expected to be able to climb up the ranks.
(By reporter Lee Kyung-joo)
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