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SPP heads for Seoul listing

SPP heads for Seoul listing

Seoul: South Korean mid-size shipbuilder SPP Shipbuilding is seeking to raise up to $300 million in a 2008 IPO in Seoul to bankroll expansion in the buoyant shipbuilding industry, a source familiar with the situation told Reuters on Thursday.
The company confirmed the story, without outlining a timeline.
SPP, 30 percent owned by U.S. investment bank Goldman Sachs , had asked banks to pitch for mandate for an initial public offering that could raise between $200 million and $300 million, the source told Reuters, asking not to be identified.
"Until a few months ago, SPP Shipbuilding had considered listing in London but changed its plan to list in Seoul, as the local shipbuilding sector is fetching record valuations," the source said.
Mirae Asset Securities and Daewoo Securities are likely to be named as joint underwriters of the deal, the source added.  [15/11/07]


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