Samsung Life to file Weds for $4.7b IPO
Wednesday, 31 March 2010
SEOUL, Mar 30 (Reuters): South Korea's top life insurer Samsung Life is set to file for the country's biggest IPO Wednesday, estimated at up to $4.7 billion, said a person with knowledge of the matter.
Samsung Life shareholders will offer 44.4 million shares, including 5 million shares from Shinsegae, said the source, who declined to be identified as he was not authorised to talk to the media.
Shinsegae, South Korea's top retailer, had been widely expected to sell into the IPO after food firm CJ CheilJedang said last week it would sell 5 million Samsung Life shares.
The rest of the offering comes from Samsung Motors' creditors, who took 35 million Samsung Life shares as collateral for debt owed by the carmaking unit.
South Korea's record share float should be worth $4.7 billion based on Samsung Life's price on the over-the-counter market. The shares, actively traded on the OTC market for unlisted stocks ahead of the initial public offering, were last quoted at 120,500 won each, according to a brokering site Pstock.
Wednesday is the deadline for Samsung Life to file its IPO documents to regulators ahead of its planned May 12 listing.
Negotiations with Samsung Motors' creditors were extended, but expected to finalise Wednesday, the source said.
Samsung Life shareholders will offer 44.4 million shares, including 5 million shares from Shinsegae, said the source, who declined to be identified as he was not authorised to talk to the media.
Shinsegae, South Korea's top retailer, had been widely expected to sell into the IPO after food firm CJ CheilJedang said last week it would sell 5 million Samsung Life shares.
The rest of the offering comes from Samsung Motors' creditors, who took 35 million Samsung Life shares as collateral for debt owed by the carmaking unit.
South Korea's record share float should be worth $4.7 billion based on Samsung Life's price on the over-the-counter market. The shares, actively traded on the OTC market for unlisted stocks ahead of the initial public offering, were last quoted at 120,500 won each, according to a brokering site Pstock.
Wednesday is the deadline for Samsung Life to file its IPO documents to regulators ahead of its planned May 12 listing.
Negotiations with Samsung Motors' creditors were extended, but expected to finalise Wednesday, the source said.