South Korea’s Hyundai Oilbank picks advisers for IPO seen worth at least $1b

Hyundai Oilbank
Photo: Hyundai Oilbank website

South Korean refiner Hyundai Oilbank Co Ltd has picked six banks to advise a planned initial public offering (IPO) of at least $1 billion in 2018, IFR reported on Friday, citing people familiar with the situation.

The lead banks advising the IPO are Hana Daetoo Securities and NH Investment & Securities, while joint lead managers are Bank of America Merrill Lynch, Citigroup, Shinhan and Mirae Asset Daewoo Securities, according to IFR, a Thomson Reuters publication.

One of the people said the size of the fundraising could be as high as $2 billion, depending on the valuation, IFR reported.

Hyundai Oilbank, South Korea’s smallest refiner by capacity, and parent Hyundai Robotics declined to comment.

Hyundai Robotics owns 91 percent of Hyundai Oilbank.

Hyundai Heavy Industries, the flagship company of South Korea’s ninth-largest conglomerate, said in December that Hyundai Robotics, the group’s holding company, had decided to list refining subsidiary Hyundai Oilbank in the second half of 2018.