MBK fixes ING Life IPO pricing at bottom end

An unfavoured sector, unsettled markets and nearly three weeks of secondary market trading risk conspire to push pricing towards the bottom of the private equity firm’s expectations.

Asian private equity firm, MBK Partners, has begun its exit of ING Life Korea after pricing a 33.5 million secondary share deal at W33,000 per share, towards the bottom end of its indicative range.

The group raised W1.1 trillion $970 million from the deal, which equals 40.9% of the insurer’s issued share capital. At this level, it has come 17.64% through its W31,500 to W40,000 indicative range and on a valuation of 0.53 times 2016 embedded value EV.

This represents a sizeable 24.3% discount to market leader Samsung Life, which was trading around the 0.7 times level on...

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