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Samsung Biologics to issue new shares worth $1.1 billion ahead of IPO
September 30, 2016 / 12:06 PM / a year ago

Samsung Biologics to issue new shares worth $1.1 billion ahead of IPO

SEOUL (Reuters) - South Korean drugmaker Samsung Biologics Co plans to issue about 1.23 trillion won ($1.12 billion) of new shares as it lines up an initial public offering, its biggest shareholder said on Friday.

Samsung Biologics, a contract manufacturer of bio-pharmaceutical treatments, plans to sell a total of 11,027,558 new shares priced at 113,000 won ($102.61) each, Samsung C&T (028260.KS) said in a regulatory filing.

Analysts have said the IPO - expected to be completed before year-end - could raise up to 3 trillion won, making the offering by the drugmaking arm of the giant Samsung Group SAGR.UL the biggest South Korean listing this year.

South Korea's bourse operator Korea Exchange said on Thursday it approved Samsung Biologics' application for an IPO, without saying when the firm will list, nor how much the company plans to raise.

Samsung C&T - the de facto holding company for the Samsung Group - currently owns 52.1 percent of the drugmaker, while tech giant Samsung Electronics Co Ltd (005930.KS) owns 47.8 percent.

Reporting by Hyunjoo Jin and Joyce Lee; Editing by Kenneth Maxwell

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