Innocean Worldwide prices $307m Korean IPO

Hyundai Motor's advertising agency shrugs off poor market conditions to price its initial public offering near the middle of its targeted range.

Innocean Worldwide, the in-house advertising agency of Hyundai Motor Group, priced its initial public offering near the middle of its targeted range on Monday, overcoming hostile market conditions both at home and abroad to raise $307 million.

The Korean group and two of its top shareholders sold roughly 5 million shares at W68,000 per unit, against an indicative price range of W64,000 to W71,000, a source close to the deal told FinanceAsia. At that price, Innocean is valued at 18.6 times annualised first-quarter earnings, the source said.

The IPO was concluded against a very shaky backdrop after Greek voters rejected creditor demands at the weekend,...

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