New jumbo Korean IPO launches roadshows

Macquarie Korea Infrastructure Fund hopes to follow in the footsteps of Lotte Shopping with Korea's second $1 billion plus IPO of the year.
Macquarie Korea Infrastructure Fund kicked off roadshows for its IPO yesterday February 22 after setting a price range that will net proceeds of $960 million to $1.16 billion.

Four existing investors have decided to sell up to 63.16 million existing shares, which will result in a split of 54% primary shares and 46% secondary shares. The largest vendor is the Government Employees Pension Fund, which currently owns 22.2% of the fund.

The other sellers are The Korea TeachersÆ Pension, which holds 9.6%, Kyobo Life Insurance, which has 7.2%, and Dongbu Life Insurance, which has a 3.2% stake. None of the four are selling their entire stake.

Macquarie Securities and Merrill Lynch are joint arrangers of...
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