HD Hyundai Group's maintenance and repair arm is gearing up for a significant move with its upcoming initial public offering (IPO) on Seoul's main stock market. The unit, known as HD Hyundai Marine Solution, aims to raise up to 742 billion won (approximately $550 million), marking the largest IPO on the Korean Exchange in over two years.
On Tuesday, HD Hyundai Marine Solution announced its intention to offer 8.9 million shares, which represents 20% of its stock, to investors later this month.
The share price is set to fall between 73,300 won and 83,400 won per share. If the price reaches the upper end of the range, the IPO would value Hyundai Marine at 3.7 trillion won. The company anticipates making its debut on the Korea Exchange in May.
Specializing in shipping repair and maintenance services, HD Hyundai Marine Solution is looking to expand its offerings. One of its potential future services includes a simulation system designed to test vessels' capabilities in handling challenging conditions like big waves and adverse weather.
