Korea Life raises $1.56 billion from IPO

Korea Life Insurance has raised W1.78 trillion $1.56 billion from its initial public offering after it fixed the price 8.9% below the initial guidance range at W8,200 per share and slightly increased the number of primary shares on sale.

Some observers suggested last week that the company was given a golden opportunity when Prudential agreed to buy AIA Group, the Asian life insurance business wholly owned by American International Group AIG, putting a stop to AIA's plans for an IPO. The acquisition, which took most of the market by surprise, effectively removed as much as $15 billion worth of exposure to the Asian life insurance sector, making some investors at least look...