Cheil Industries said to be contemplating IPO
Cheil Industries, the de facto holding company of Samsung Group, plans to start gauging demand next week for an initial public offering in Korea, people with knowledge of the matter said.
The theme park operator’s share sale may raise about $1.5 billion, the people said, asking not to be identified because the information is private. The IPO would be the country’s biggest in more than four years.
Cheil’s offering comes as Korea’s biggest conglomerate reorganizes ahead of an expected once-in-a-generation change in leadership. Samsung Group so far has announced the merger of its shipbuilding and engineering affiliates and applied to take its network technology business Samsung SDS public.
Park Hyung-geun, a spokesman for Cheil, declined to comment on the IPO plan. Cheil applied in September for a listing on Korea’s main bourse, without providing details such as the size of the offering.
Cheil, formerly known as Samsung Everland, is an operator of zoos, golf courses and the Caribbean Bay, billed as one of the world’s largest water parks. Daewoo Securities, Woori Investment & Securities, Citigroup and JPMorgan Chase & Co. are arranging the IPO, the company said in June.