Korea's Youngone launches $130 million GDR offering

The OEM manufacturer of garments opened the order books yesterday for what is set to be the first equity deal of size in Korea this year.
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Youngone's Seoul headquarters
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<div style="text-align: left;"> Youngone's Seoul headquarters </div>

Youngone Corp, a Seoul-headquartered original equipment manufacturer OEM of garments, opened the order books yesterday for its debut offering of global depository receipts GDRs that could raise about $120 million to $130 million, a source said yesterday.

The deal is set to be the first equity deal of size this year in Korea, where the biggest straight equity deal so far has been a $50 million follow-on by Hansol Technics, according to Dealogic.

Youngone, which makes outdoor sportswear, shoes and backpacks for the likes of Nike and North Face, plans to use the proceeds mainly for capital expenditures, for the expansion of manufacturing facilities at different...

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