Hanwha General Chemical Preparing for IPO... Underwriter Selection in Progress
[Asia Economy Reporter Baek Kyunghwan] Hanwha General Chemical is proceeding with an initial public offering (IPO).
According to the industry on the 24th, Hanwha Group recently sent a Request for Proposal (RFP) for the listing of Hanwha General Chemical to eight foreign securities firms. Hanwha plans to request bids from domestic securities firms soon.
This action follows a promise made when Samsung Group sold its defense and chemical affiliates to Hanwha Group in 2015. At that time, Samsung set the sale price of the former Samsung General Chemical at around 2 trillion won to ease Hanwha Group's financial burden, transferring management rights while retaining 24.1% of its 99.5% stake.
Hanwha is known to have promised Samsung to list Hanwha General Chemical by April 2021. Samsung also holds a put option, allowing it to sell its stake back to Hanwha if the listing does not occur.
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The industry estimates Hanwha General Chemical's corporate value to be around 4 to 5 trillion won.
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