HD Hyundai Marine Solution eyeing May IPO

[HD HYUNDAI MARINE SOLUTION]

HD Hyundai Marine Solution, a ship service provider, is pushing to go public on the country's main bourse, the Kospi, in May.

A total of 8.9 million shares will be up for subscription with a desired price of 73,300 won ($55) to 83,400 won apiece, the company said on Tuesday.

HD Hyundai Marine Solution's market capitalization is expected to range between 3.26 trillion won and 3.7 trillion won based on the initial public offering (IPO) price range.

The IPO funds will be spent on strengthening the company's global network and on research and development for its mid to long-term growth.

HD Hyundai Marine Solution was established in 2016 to meet the rising demand in the after-sales service business across the entire life cycle of ships, including maintenance, repair and remodeling. It expanded its business to more diverse services, including digital solutions.

"HD Hyundai Marine Solution has been securing continuous growth and profitability through a new business model in the after-sales market of shipbuilding and marine industries,” said company CEO Lee Ki-dong in a statement. Lee vowed to grow into a leading comprehensive marine solutions provider through the IPO.

Underwriters for the deal are KB Securities, UBS and J.P. Morgan.

The company submitted a securities report to the Financial Services Commission on Monday.

BY JIN MIN-JI [jin.minji@joongang.co.kr]