South Korea’s Hyundai Global Service, backed by private equity giant KKR, aims to raise up to $1 billion in a Seoul initial public offering (IPO) in the first half of 2024, said two people with direct knowledge of the matter.
The marine services arm of shipbuilder Hyundai Heavy Industries Holdings has mandated JPMorgan, UBS and KB Securities to work on the offering, said one of the people.
Hyundai Global Service targets a valuation of $3 billion to $4 billion, the person said.
The two people declined to be identified as the information is not public yet.
Hyundai Global Service, KKR and JPMorgan did not immediately respond to requests for comment. UBS declined to comment. A spokesperson for KB Securities confirmed the South Korean brokerage was a co-lead adviser.
Reuters