Tong Yang Investment Bank received regulator’s approval to list a special purpose acquisition company (SPAC), reported Korea’s Maeil Business newspaper.
According to the story, a statement by the Korea Stock Exchange stated that Tong Yang IB the listed South Korean brokerage is expected to raise KRW 45bn (USD 39m) via the IPO.
Without citing a source, the report added that Tong Yang is expected to look for an acquisition target in “green growth, new growth engine industries”.
For more information on Korea’s designated ‘new growth industries’ see here.
A SPAC is a shell company that raises funds through an initial public offering to acquire a company within three years of the listing.
Last week, Hyundai Securities also received approval to list a SPAC.
(Source: Maeil Business)
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