S Korean IPO capital exceeds one trillion won in first half of year

THE volume of capital raised through initial public offering in the South Korean stock market surpassed one trillion won ($864 million) in the first half of the year, with NH Investment & Securities leading the way among underwriters, according to Korea Exchange data.

Some 1.09 trillion won in equity capital was raised in the first half of the year, according to the nation’s sole bourse operator, a 39.6 per cent increase from the same period last year.

Eighteen companies joined the local bourse over the cited period – two on the main Kospi and 16 on the secondary tech-heavy Kosdaq.

The number was three less than in the first half of last year, but with 15 companies setting their IPO prices in a higherthan-expected range, along with five firms raising more than 100 billion won in capital.

NH Investment & Securities was the top underwriter with a total of five deals amounting to 438 billion won. Daishin Securities followed with 181 billion won, trailed by Samsung Securities and Hana Financial Investment with 149 billion won and 141 billion won, the data showed.

Last year, the local IPO market saw lacklustre results – a number of large firms either withdrew or delayed plans to sell shares due to a bearish stock market.

Investors were also concerned in the first quarter when Homeplus, a South Korean hypermarket chain operator, withdrew the planned listing of its real estate investment trust on the Kospi.