South Korea's Mirae Asset Life Insurance Co Ltd has decided to offer 45.4 million shares in an initial public offering seen worth around 400-500 billion won ($366-458 million) by analysts. Mirae Asset Life, the country's sixth biggest life insurer by assets, will sell 5.4 million existing shares and issue 40 million new shares for the IPO, floating around a 30 percent stake, a company spokesman said on Friday.
The stake on offer was worth 563 billion won on the over-the-counter market as of Friday.
Affiliates and related shareholders including Mirae Asset Securities Co Ltd and Mirae Asset Capital Co Ltd owned a combined 69 percent stake in the life insurer as of end-March.
The spokesman declined to comment on expected share price, saying the official share price range is expected as early as next week. It could list as early as June. It plans to use the funds to improve marketing capabilities, diversify sales channels, bolster IT infrastructure and improve its balance sheet. Samsung Securities, Citigroup and Daiwa Securities Group are advising the IPO.
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