DEAL: ING Life Insurance Korea’s $977 million IPO

Author: Brian Yap | Published: 8 Jun 2017

A South Korean insurance giant has become the first company wholly-owned by a private equity firm to list in the country. But its unique corporate structure has seen it subject to an unusual regulatory rule.

ING Life Insurance Korea, owned by Seoul-based MBK Partners, successfully raised $977 million from its initial public offering (IPO) on the Korea Exchange (KRX). This was the second-largest listing this year after South Korean gaming company Netmarble’s $2.3 billion IPO. 

But as this was an IPO raised by an issuer wholly-owned by a private equity firm, there was a regulatory issue in respect of the listing: the KRX required MBK to adopt a one-year lockup on its shares, which differs from the one-year period imposed on other issuers.

ING's ownership structure influenced the listing rules"A one-year lockup was required because it was expected that [MBK] would ultimately sell the shares," noted Dong Chul...



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