MSPEA set for partial exit as Hyundai Rotem IPO raises $585m
Hyundai Rotem, a train manufacturer backed by Morgan Stanley Private Equity Asia (MSPEA), will complete the fourth-largest IPO ever executed on the Korea Exchange and the biggest in more than three years. The offering will generate proceeds of KRW622.4 billion ($585 million), with MSPEA exiting more than one third of its 42.4% holding.
Rotem is selling 27.06 million shares - includiing 6 million shares owned by MSPEA - at KRW23,000 apiece, the top end of its KRW17,000-23,000 per share indicative range. Korean IPOs have struggled against...
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