Mirae Asset Life's IPO raises $306m

High valuation compared to much larger peers pushes pricing below range. Domestic investors made up the bulk of the deal.

Mirae Asset Life's IPO raises $306m

Mirae Asset Life Insurance, Korea’s fifth largest life insurer, raised $306.5 million in an initial public offering of its shares, with shares pricing below the marketed range.

The total deal-size consisted of roughly 45.4 million shares 40 million primary and 5.4 million sold by Mirae’s affiliated investment company, according to a source close to the deal. Shares priced Thursday evening in Hong Kong at W7,500 per unit, well below the initial W8,200 to W10,000 price...

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