SEOUL, June 8 (Korea Bizwire) – Hyundai Samho Heavy Industries Co., a midsized shipbuilder here, said Thursday that it has attracted 400 billion won (US$355 million) in investment from a local private equity firm via pre-initial public offering.
The investment is higher than the originally planned 300 billion won, Hyundai Samho said, signaling that investors have shown strong interest in its premarket debut process.
Earlier, Hyundai Samho, an affiliate of South Korean major shipbuilder Hyundai Heavy Industries Co., said it would sell bonds convertible into its stocks to IMM Private Equity.
The pre-IPO deal is expected to be completed by the end of the month.
Hyundai Samho posted an operating income of 43 billion won on sales of 734 billion won in the first quarter of the year.
The shipyard has secured deals, valued at $1 billion, to build 15 ships.
Early this year, Hyundai Samho secured a deal for four liquefied natural gas tankers from Sovcomflot, Russia’s state-run maritime shipping company.
Should the pre-IPO deal go smoothly, Hyundai Samho’s debt ratio will fall to 72.8 percent from the current 96.4 percent.