Woori Investment & Securities, the South Korean brokerage, plans to raise KRW 45bn (USD 40m) through the listing and the price was set at KRW 15,000 (U$13.25) a share.

Woori Investment & Securities itself will manage the IPO, the announcement said.

See previous post ‘Regulators call for caution as Korea’s SPACs keep hitting upper trading limits‘ for recent information on Korea’s SPAC market.

(Source: Stock Exchange Announcement)

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The unsourced report said that the size of the SPAC may be KRW 25bn (USD 22m), but did not reveal any details about the potential target.

(Source: Asia Economy)

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The report, citing information from the company, said that the size of the SPAC may be KRW 20bn (USD 17.7m). With the potential acquisition involved in the green technology, IT convergence, or biotechnology field.

(Source: Edaily)

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The Korea Economic Daily reported -

Woori Investment Securities, the South Korean brokerage, will likely list a special purpose acquisition company (SPAC) in April, and the size may be as much as KRW 45bn (USD 39m).

The report added that Woori is planning to acquire a company in the environmental, biotechnology, healthcare or alternative energy sectors.

Shinhan Investment, another South Korean brokerage, also plans to list a SPAC in April, with the size estimated to be KRW 35bn (USD 31m).

The report added that Shinhan is also looking to make acquisitions in the environmental, biotechnology, healthcare or alternative energy industries.

Whilst a report in Korea’s Money Today newspaper stated -

Meritz Securities and A.T. Kearney Korea, the South Korean brokerage and consulting firms, will jointly list a SPAC in May.

The report, citing information released by Meritz Securities, noted that it plans to raise KRW 30bn (USD 21m) for the SPAC.

Samsung Securities, another Korean brokerage, has agreed to invest KRW 5.2bn in the SPAC, prior to the IPO, and was also hired as the manager for the offering.

Meritz Securities and AT Kearney completed the registration of the SPAC on 24 February, and plan to apply for preliminary evaluation this month.

The SPAC would look for a company involved in new technology with a strong market presence, the report added.

See here for more stories on Korea’s growing SPAC market.

(Sources: Korea Economic Daily, Money Today)

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The report cited Im Hong Jae, a director at Daishin as saying his company completed the registration of the SPAC, and the size will be about KRW 30bn (USD 26m).

After listing, Daishin plans to identify targets in the manufacturing sector, the report added citing Im.

Earlier it was reported that Hana Daetoo IB will also list a SPAC in May.

(Source: Edaily)

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The report, citing information released by Hana Daetoo, noted that the size of the SPAC could be about KRW 20bn (USD 17m).

Hana Daetoo has completed the registration of the SPAC, and plans to make an acquisition in bio, information technology, alternative energy or pollution treatment involved company, the report added.

See Interest grows as Korea’s first SPAC transaction draws closer for more information or here for all stories regarding the Korea SPAC market.

(Source: Yonhap News)

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Kyobo Securities and KTB Securities, the South Korean brokerages, will jointly list a special purpose acquisition company (SPAC) this year, reported Asia Economy.

The report, citing information released by Kyobo Securities, noted that the size of the SPAC could be about KRW 25bn (USD 21m).

Kyobo Securities and KTB have completed the registration of the SPAC and plan to determine the target around the end of the year.

The SPAC could make acquisitions in the green energy sector, the report added.

See here for previous stories relating to Korea’s SPAC market.

(Source: Asia Economy)

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Daewoo Securities’ SPAC Green Korea raised KRW 87.5 billion ($75.9 million) and became the first SPAC to successfully price in the country’s recently instituted SPAC initiative, according to an email from Kab Lae Kim, a research fellow at the Korea Capital Market Institute.

Green Korea completed its financing on Tuesday and will begin trading March 2, Lae Kim said in the email.

The SPAC sold 25 million common shares at KRW 3,500 each. Shares priced at the high end of its planned range of KRW 2,500 to KRW 3,500.

Green Korea will target green technology companies including those involved in energy and new materials, according to Lae Kim’s email.

Kim said that there are both individual and institutional investors in the SPAC.

See ’Interest grows as Korea’s first SPAC transaction draws closer‘ for more information on Korea’s SPAC market.

(Source: The SPAC Report)

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Towards the end of last year Korea’s Financial Services Commission (FSC), as part of their widespread deregulation, revised regulations to allow private investors to form a paper company, or SPAC, which can raise funds through an initial public offering and acquire another firm with that money.

“The move would help accelerate the restructuring move and raise corporate value through the mechanism of the capital market,”

Hong Young-man, director-general at the capital markets bureau of the FSC, told a press conference in regards to the changed regulations. (source)

As the title suggests, the Bloomberg article - ‘SPACs to Help Reverse Korea M&A Slowdown, Green Korea’s Ji Says’, forecasts that allowing SPACs will be a much needed kick start for domestic M&A activity.

SPAC Overview -

A special purpose acquisition company (SPAC), is a paper company which raises funds through a public offering (IPO).

The money raised is held in a trust until a suitable target is found, and receives shareholder approval. If a target is not found within three years the SPAC  must return the IPO funds to its investors.

The regulations for Korean SPACs stipulate -

• The SPAC  must deposit or consign funds raised by IPO to a securities finance corporation;
• The SPAC can not withdraw or provide a guarantee of funds before being merged into the target;
• At least one founder of the SPAC is a financial investment company that meets certain requirements set by the Financial Services Commission

So far nine Korean SPACs are reported to be in the works –

Daewoo Securities, is seeking to be the first to launch a SPAC, targeting early March for its trading debut.

Through the SPAC, called “Green Korea”,  the group which comprises seven other investors including Korea Development Bank, Shinhan Capital, KT Capital, Korea Teachers Pension and IMM Investment plans to raise upwards of KRW 62 billion.

Green Korea aims to identify a target to merge with as early as July, and is considering businesses in areas including renewable energy, new materials and software.

Tong Yang Securities is pushing to raise KRW 45 billion with its SPAC,  also targeting companies from “green growth, new growth engine industries”.

“We’re seeing so many SPACs planning to merge with green growth companies because the industry will likely continue to be important on the stock market next year,” said Yeo Joo-hyung, a manager at Tong Yang Securities’ investment banking unit in this JoongAng Daily report.

“We are considering companies related to solar and wind energy, rechargable batteries and other high-value service sectors,” Yeo added

Hyundai Securities has received regulator’s approval to list their SPAC, with accounting consulting firm Samil PWC, and are planning to raise KRW 20bn (USD 17m) by selling 3.33 million shares for KRW 6,000 apiece. They are yet to designate a target industry.

Woori Investment & Securities is looking to launch a KRW 40 billion SPAC in partnership with Alliance Capital Partners, an M&A consulting firm, and LB investment, a prominent Korean VC.

Mirae Asset Securities is seeking to raise KRW 20 billion, with Shinhan Investment, SK Securities, Korea Investment Corporation, and a joint Kyobo Securities-KTB Securities all also seeking to list a SPAC this year.

매일 경제 Feb. 16, 2010

(Source: 매일 경제 )

See previous posts Tong Yang IB receives SPAC approval; will target ‘new growth engine’ industries and Hyundai Securities’ SPAC listing approved, for more information.

Or see FSC Chairman talks globalization, deregulation, & privatization, for more information on Korea’s financial deregulation.

Story by Brett Moffat, additional translating by Han Doo-hee.

(Sources: Bloomberg, Korea Herald, JoongAng Daily, Korea SPAC, Financial Services Commission, 매일 경제)

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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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