Hyundai Oilbank’s parent company plans to sell shares in IPO Saudi Aramco has no plan to unload its shares in Korean oil refiner’s IPO
Translated by Ryu Ho-joung 공개 2021-12-29 08:23:03
이 기사는 2021년 12월 29일 08:14 thebell 에 표출된 기사입니다.
Hyundai Heavy Industries Holdings plans to sell part of its shares in Hyundai Oilbank’s initial public offering, which is expected to take place in the first quarter of 2022, according to industry sources.The holding company, which owned a 74.13% stake in Hyundai Oilbank as of the end of September, is considering selling shares equivalent to about 10% of the number of shares to be offered in the IPO.
Saudi Aramco, the second largest shareholder of the South Korean oil refiner, doesn't plan to unload any shares in the IPO.
In 2019, Hyundai Oilbank raised about 1.37 trillion won ($1.16 billion) at an 8 trillion won valuation from Aramco in a pre-IPO financing, which gave the global oil giant a 17% stake in the company.
Aramco is a strategic investor in many companies in the oil refining sector around the world. It is also the largest shareholder of S-Oil, South Korea’s second biggest oil refiner, with a 63.41% stake.
Hyundai Oilbank reportedly intends to set an IPO valuation target less aggressively. Many expected the company to favor a valuation of 10 trillion won or higher considering the 8 trillion won valuation achieved in its last private fundraising. But it is said that the company targets a valuation lower than 10 trillion won.
The oil refiner plans to raise about 3 trillion won in the offering after considering adverse market conditions. Given the size of the offering, Hyundai Heavy Industries Holdings is likely to be able to raise at least 300 billion won by selling some of its stake in the company.
“Hyundai Heavy Industries Holdings wants to sell shares worth more than 10% of the offering size in Hyundai Oilbank’s IPO, although nothing has finalized yet,” an industry insider said. “Saudi Aramco does not plan to sell its stake.”
Hyundai Oilbank filed a preliminary IPO application with the Korea Exchange about two weeks ago. Given that it normally takes two months for review, it is likely that the company will get approval from the stock exchange as soon as the middle of February next year. The lead underwriters are KB Securities, NH Investment & Securities and Credit Suisse. (Reporting by Kyung-ju Lee)
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