Samsung SDS kickstarts IPO of up to $1.1b

Unit of South Korean group begins book building; the latest move to restructure the sprawling conglomerate.

Samsung SDS began bookbuilding on Monday for an initial public offering that could net the South Korean provider of technology services up to $1.1 billion.

Some 6.09 million shares will be on offer between W150,000 and W190,000 per unit, according to a source close to the deal. Roughly 3.6 million shares will be made available to both domestic and international institutions, while the remainder will go towards the retail tranche and an employee share buyback programme.

All of the shares are secondary, with Samsung Electro-Mechanics selling off all 6.09 million of the shares. The shares represent 7.88% of enlarged share capital, the source said. The pricing is...

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