The largest unit of the Halla Group of South Korea is planning to undertake an initial public offering of its Chinese unit. Mando Corp is projecting the share sale can generate as much as KRW300 billion or US$275 million.
Mando is planning to list the company in Hong Kong after it had sold 30% of its shareholdings last year. The valuation for Mando China Holdings is at KRW 1 trillion, according to sources who spoke on condition of anonymity with Bloomberg. Other information provided by the anonymous sources include Morgan Stanley and Deustsche Bank AG as the financial managers of the deal that would involve both current and newly issued stock.
Mando sought to list the Chinese holdings company back in November but withdrew later on. They had refiled their application in February and the listing would be in Hong Kong. When asked for comment, the company declined to comment on the timing of the application.
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