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Korea Life may raise around $2 bln in IPO -sources

Thu Nov 5, 2009 9:57pm EST

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HONG KONG, Nov 6 (Reuters) - Korea Life Insurance Co., the No. 2 life insurer in South Korea, may raise around $2 billion through its planned initial public offering, sources with direct knowledge of the matter said on Friday.

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If Korea Life raises that much, it would be the biggest IPO in South Korea since Lotte Shopping's (023530.KS) $3.8 billion listing in 2006.

"Internally, nothing has been decided on the IPO size," a Korea Life Insurance spokesman said. "We have just started the preparation process."

But the sources said that the value of the private company is roughly $10 billion, and the expectation is to float 20 percent of the business.

(Reporting by Michael Flaherty and Narayanan Somasundaram; Editing by Jonathan Hopfner)

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