KDB to monetize stake in INI Steel

Pre-marketing begins on Monday for a 16.9 million GDR offering.

Joint leads ING and JPMorgan will begin canvassing investor opinion on Monday for a follow-on offering in the world's second largest electric arc furnace operator, INI Steel. Most of the 16.9 million shares on offer mark a divestment by the Korea Development Bank KDB, which has held an 8.2% stake in the Hyundai group company since a debt for equity swap just over three years ago.

With one GDR equalling one share, the transaction will comprise 14.6% of INI's outstanding equity, of which the KDB stake will comprise 8.2%, other shareholders 4.3% and treasury shares 2.1%. Formal roadshows are scheduled to begin on September 29, with pricing to follow during...

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