koreas-sk-cc-kicks-off-1-billion-ipo

Korea's SK C&C kicks off $1 billion IPO

International investors are expected to receive only a minor portion of the offering which is part of the restructuring of the SK group.
June 17, 2008
SK CC has kicked off the institutional roadshow for what is set to become South KoreaÆs first initial public offering with an international tranche this year. The IT services provider, which also owns 28% of SK Holdings, is aiming to raise between W1.04 trillion and W1.19 trillion $998 million to $1.15 billion.

The offering is unusual in the sense that 100% of the shares are secondary, so none of the proceeds will go to the company. Also, the primary reason for the IPO is not to ready the company for expansion, but to unwind some of the cross shareholdings within the SK group which, according to new regulations, has to be done by...
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