SEOUL, April 12 (Reuters) - South Korea’s Hyundai Rotem Company has applied for approval for an initial public offering from the stock exchange, bourse operator Korea Exchange said on Friday.
Local wire service Yonhap Infomax and other media previously estimated the size of the IPO at around 300 to 400 billion won ($270-$360 million), citing unidentified banking sources.
Hyundai Rotem, a railway vehicle manufacturer, is 57.6 percent-owned by South Korea’s largest automaker Hyundai Motor Co. The remaining 42.4 percent stake is held by a private equity fund affiliate of Morgan Stanley. (Reporting by Joyce Lee; Editing by Chris Gallagher)