Seoul Guarantee Insurance Sets Public Offering Price at 26,000 Won... Lower End of Expected Range

Seoul Guarantee Insurance (SGI Seoul Guarantee) announced on the 4th that it has set the public offering price at 26,000 KRW.

Seoul Guarantee conducted a demand forecast over five business days from the 20th to the 26th of last month. A total of 1,509 institutions participated in the demand forecast, including 1,421 domestic and 88 overseas institutions, mostly within the price band. The desired price band for Seoul Guarantee's public offering was 26,000 to 31,800 KRW. The number of shares applied for was 924.65 million. The final competition rate was recorded at 240.8 to 1.

SGI Seoul Guarantee Insurance headquarters building.

Seoul Guarantee conducted this public offering through a 100% secondary share sale, selling 6,982,160 shares, which is 10% of the total issued shares, from the 93.85% stake held by its largest shareholder, the Korea Deposit Insurance Corporation. The total public offering amount was approximately 181.5 billion KRW, with 136 cases of lock-up agreements (accounting for 16.3% of the shares involved). Long-term lock-up agreements of 6 months and 3 months accounted for about 54% of all lock-up cases.

A Seoul Guarantee official stated, “Many institutional investors showed strong interest in the long-standing high dividend policy and the new shareholder return policy established while preparing for this initial public offering (IPO). We will continue to do our best to enhance corporate value through management efficiency and market-friendly shareholder return policies after listing.”