Hanwha Securities and LIG Investment & Securities to list SPACs.
LIG Investment & Securities, the South Korean brokerage, plans to list a special purpose acquisition company (SPAC) in July, the Korea Economic Daily reported.
The report, citing information from the company, said that the size of the SPAC will be KRW 25bn (USD 22.6m).
The report added that LIG is planning to use the proceeds from the potential IPO to acquire a company involved in the agricultural industry and that has advanced technology.
Whereas, Hanwha Securities, another South Korean brokerage firm, plans to list a SPAC, through which it will raise KRW 20bn (USD 18m).
According to an announcement on the Korea Stock Exchange made 23 April, Hanwha Securities submitted an application for the preliminary evaluation to list the SPAC on the junior market, KOSDAQ.
The announcement did not reveal any details about the potential target of the SPAC.
See previous post ‘Regulators call for caution as Korea’s SPACs keep hitting upper trading limits‘ for more information on Korea’s SPAC market.
(A SPAC is an entity that will raise funds through an initial public offering, with a view to acquiring a company within three years of the listing)
(Sources: Korea Economic Daily, Stock exchange announcement)
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