HD Hyundai Marine Solution doubles in South Korea’s largest IPO since January 2022

Hyundai Marine Solution, a leading ship repair and maintenance company in South Korea, has successfully completed its highly anticipated Initial Public Offering (IPO).

This offering marks a significant milestone for the South Korean financial market, being the largest IPO since January 2022.

During the IPO process, HD Hyundai Marine Solution sold 8.9 million shares, raising a total of 742.26 billion won (approximately $545 million).

The company’s market valuation soared to an impressive 3.71 trillion won ($2.72 billion) based on the offering price.

The IPO was met with overwhelming investor enthusiasm, with both institutional and retail offerings being oversubscribed by more than 200 times.

This surge in interest led to a remarkable performance on the stock market during HD Hyundai Marine Solution’s trading debut.

Shares traded close to double their IPO price, representing a substantial increase from the initial offering.

HD Hyundai Group, the largest shipping conglomerate in South Korea, maintains its controlling stake in the newly public unit.

The company holds a 62% share in HD Hyundai Marine Solution after the IPO.

However, KKR, the second-largest shareholder, has indicated its intention to gradually reduce its stake in the company from its current 38% holding.

The strong performance of HD Hyundai Marine Solution’s IPO underscores the confidence of investors in the company’s prospects.

The company’s technical expertise, market position, and skilled workforce are key factors contributing to its success.

The IPO proceeds will further strengthen HD Hyundai Marine Solution’s financial position and support its growth plans in the global maritime industry.