Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Equity Capital Markets

Orange Life Insurance, Ltd.  / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/23999" target="_blank" data-smartkarma-citation="entities:23999:1">ING Life Insurance Korea Ltd. (INGLIZ KS)</a> submitted the IPO book. The indicative price band is ₩31,500 - ₩40,000. The IPO size is ₩1.06tril - ₩1.34tril. All shares will be offered via secondary distribution. 33.5 million shares will be offered and this is 40.85% of what MBK Partners owns. Market cap will be ₩2.58tril - ₩3.28tril. The company used PBR and P/EV to calculate the valuation and chose <a href="https://www.smartkarma.com/entities/510" target="_blank" data-smartkarma-citation="entities:510:1">Samsung Life Insurance Co., Ltd (032830 KS)</a> and <a href="https://www.smartkarma.com/entities/2163" target="_blank" data-smartkarma-citation="entities:2163:1">Hanwha Life Insurance Co Ltd (088350 KS)</a> as valuation peers. Price per share based on these two multiples (PBR and P/EV) was calculated at ₩40,508. So, the indicative price band is only a 1.25 - 22.24% discount to the valuation. MBK Partners initially wanted a price of mid-₩3tril when it attempted to dispose its stake via private placements. So, only a 1.25 - 22.24% discount (market cap of ₩2.58tril - ₩3.28tril) shows how determined MBK Partners is to stick to its original price it had in mind. Bookbuilding will begin on Apr 6 and run until Apr 21. The lead managers are Samsung Securities and Morgan Stanley. Mirae Asset Daewoo Securities and Goldman Sachs also join as bookrunners.</p>

ING Life Insurance Korea Ltd. (INGLIZ KS) submitted the IPO book. The indicative price band is ₩31,500 - ₩40,000. The IPO size is ₩1.06tril - ₩1.34tril. All shares will be offered via secondary distribution. 33.5 million shares will be offered and this is 40.85% of what MBK Partners owns. Market cap will be ₩2.58tril - ₩3.28tril. The company used PBR and P/EV to calculate the valuation and chose Samsung Life Insurance Co., Ltd (032830 KS) and Hanwha Life Insurance Co Ltd (088350 KS) as valuation peers. Price per share based on these two multiples (PBR and P/EV) was calculated at ₩40,508. So, the indicative price band is only a 1.25 - 22.24% discount to the valuation. MBK Partners initially wanted a price of mid-₩3tril when it attempted to dispose its stake via private placements. So, only a 1.25 - 22.24% discount (market cap of ₩2.58tril - ₩3.28tril) shows how determined MBK Partners is to stick to its original price it had in mind. Bookbuilding will begin on Apr 6 and run until Apr 21. The lead managers are Samsung Securities and Morgan Stanley. Mirae Asset Daewoo Securities and Goldman Sachs also join as bookrunners.

ING Life Insurance Korea IPO Part 1 - Schedule, Financials & Valuation

South Korea

Tongyang Life Insurance offers life insurance services. The Company markets its products through individuals and groups.

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Tongyang Life Insurance (082640 KS)

ING Life Insurance Korea IPO Part 1 - Schedule, Financials & Valuation

ING Life Insurance Korea Ltd. (INGLIZ KS) submitted the IPO book. The indicative price band is ₩31,500 - ₩40,000. The IPO size is ₩1.06tril...

Sanghyun Park

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