• Most Popular
  • Most Shared

UPDATE 1-S.Korea SK C&C plans to raise up to $413 mln in IPO

Fri Oct 9, 2009 7:17am EDT

Stocks

   

*IPO to raise $412.6 mln

*IPO seen end-October

(Adds details)

SEOUL, Oct 9 (Reuters) - South Korea's SK C&C, SK Group's technology service arm, plans to raise up to 480 billion won ($412.6 million) from its planned initial public offering, according to a term sheet obtained by Reuters on Friday.

SK C&C was among a number of Asian companies that delayed their IPOs because of last year's severe downturn in global equities, with its IPO valued at up to 1.2 trillion won at the time.

SK C&C has set the indicative range at 28,000 won-32,000 won per share of the pricing, expected around Oct. 30. It is offering 15 million shares held by mobile carrier SK Telecom (017670.KS) and trading firm SK Networks (001740.KS).

The two sister firms plan to cash in on their holdings, while helping the parent group to complete its transformation into a holding company format from the cross-holding structure.

SK C&C is the biggest shareholder in SK Holdings (003600.KS), an energy to construction holding company, with a 32 percent stake as of end-June.

Woori Investment & Securities (005940.KS), Korea Investment & Securities (071050.KS) and Daishin Securities (003540.KS) are lead managers for the IPO. ($1=1163.2 Won) (Reporting by Rhee So-eui; Editing by Rupert Winchester)



More from Reuters

A Greenpeace activist dressed as one of the "Four Horsemen of the Apocalypse" rides outside the parliament building during a brief protest in Copenhagen December 13, 2009. REUTERS/Christian Charisius

The face of climate protest

Protesters around the globe called for an end to global warming as climate talks in Copenhagen entered their sixth day.  Video 

    Climate conference
    President Barack Obama (R) meets with financial services industry leaders in the Roosevelt Room of the White House in Washington December 14, 2009. REUTERS/Larry Downing

    Obama takes "fat cats" to task

    Backed by Americans outraged by multi-billion dollar bailouts, President Obama met with a dozen of Wall Street's top bankers in a bid to crack down on the so-called "fat cats" largely held responsible for the financial crisis.  Full Article 

    Executive Compensation
    Lockheed Martin Chief Executive Robert Stevens answers a question during the Reuters Aerospace and Defense Summit in Washington December 14, 2009. REUTERS/Molly Riley

    Lockheed eyes deals

    The future demands of cybersecurity make that sector one of many the aerospace giant sees as an acquisition target in the coming year.  Full Article 

    Aerospace and Defense Summit