HD Hyundai Marine Solution achieves South Korea’s largest IPO in more than two years

HD Hyundai Marine Solution, the maintenance and repair unit of shipbuilding conglomerate HD Hyundai Group, on Wednesday (8 May) announced its successful stock market debut on the Korea Exchange (KRX), achieving South Korea’s largest initial public offering (IPO) in more than two years.  

The company held a stock market listing ceremony at the Seoul office of the KRX with attendance of HD Hyundai Vice Chairman Chung Ki-sun, HD Hyundai Marine Solution CEO Lee Ki-do ng, Korea Exchange Chairman Jeong Eun-bo, and KB Securities CEO Kim Seong-hyeon.

The firm’s stock opened at KRW 119,900, 43.8% higher than the public offering price of KRW 83,400 and reportedly hit KRW 166,100 before closing at KRW 163,900.

During its public offering for general investors from 25 to 26 April, the company achieved a record competition ratio of 255.8:1, attracting about KRW 25 trillion in subscription deposits, setting the highest record for this year’s IPO market.

HD Hyundai Marine Solution was launched as an independent corporation in 2016 to respond to the increasing demand for ship aftermarket (AM), providing total solutions covering the entire life cycle of ships, including eco-friendly ship modification, ship digital control and platform and bunkering.

The firm said it will be utilising the funds raised through the listing to build and upgrade a logistics centre, secure domestic and overseas port warehouses, acquire a ship management company, build a cloud management system, build a repair shipyard network, and plan to accelerate the transition to a digital solution-based platform company.

Related: HD Hyundai Global Services changes name to HD Hyundai Marine Solution

Photo credit: Korea Exchange
Published: 10 May 2024