Hyundai Heavy makes public stock offering
Korean heavyweight targets $950m from share offer.
Hyundai Heavy Industries is seeking to raise $950m from its long-awaited initial public offering of stock (IPO). The company says it plans to use the money to accelerate is adoption of advanced technologies.
The company first mooted a public share offering in January and the Korean Stock Exchange approved the listing plan on 5th August. Hyundai anticipates presenting to prospective investors in early September and to complete the IPO by the middle of the month.
Korean news agency, Yonhap reported the proceeds from the offering will be used to develop eco-friendly and autonomous ships, smart shipyards and offshore hydrogen production plants.
In a separate filing, the company also announced that it will use $40m from the stock sale to re-pay outstanding debts.
