Korea Life raises $1.56 billion from IPO

The deal is priced below the initial range even though the withdrawal of AIA's planned IPO is said to have resulted in increased interest for the Korean life insurer.

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...

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