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Yongpyong Resort to raise 135.4B South Korean won from IPO

YongpyongResort plans to be the first local resort in South Korea to launch an IPO toraise 135.4 billion South Korean won, TheKorea Herald reported.

Thecompany plans to issue 16.7 million common shares for the listing, which isexpected to occur on May 17. It intends to use the proceeds to fund real estatedevelopment plans and repay debt that it owes to Korea Development Bank, or KDB.

Theprojects include a condominium building, planned apartments serving athletes atthe 2018 PyeongChang Winter Olympics and a budget hotel. The resort company has10 billion won of debt owed to KDB. It used the money to fund tourismdevelopment projects.

MiraeAsset Daewoo Securities and Daishin Securities are the IPO's underwriters.Retail investors will be eligible to subscribe around 20% of the stock offeringat an estimated 8,000 won per share, while the underwriters will offer theremainder to institutional investors.

Thepublication reported that Hanwha Investment & Securities and HMC Investment& Securities are expected to subscribe a combined 10% of the shares.

Establishedin 1975, Yongpyong Resort brands itself as "Korea's Ski Mecca" with4,300 acres of leisure space that features a 45-hole golf course, 31 skislopes, premium hotels and European-style condominiums among other amenities,according to its website.

As of May 2, US$1 wasequivalent to 1,139.90 South Korean won.