South Korea’s Mirae Asset Life eyes US$460m in IPO

May 25 2015 by InsuranceAsia News Staff

South Korea’s sixth biggest life insurer by assets, Mirae Asset Life Insurance Co, has officially announced its IPO bid, saying it will offer 45.4 million shares to raise about US$366m to US$458m.

Mirae will sell 5.4 million existing shares and issue 40 million new shares for the IPO.

The official share price range is expected to be released as early as next week and Mirae could list as early as June, a company spokesman was quoted as saying.

The spokesman added that the proceeds of the IPO would be used to finance marketing capabilities, bolster IT infrastructure and improve its balance sheet, among others.

Mirae has hired Samsung Securities, Citigroup and Daiwa as co-advisers for the IPO.

Originating from Asia, Mirae Asset was founded in 1997 in the wake of the Asian currency crisis.

Currently, the insurer has a presence in 12 countries across 5 continents, and is majority-owned by affiliate Mirae Asset Securities Co Ltd and related shareholders.

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