Kumho Tire will finish pre-marketing an unusual dual listing in Seoul and London today January 18 via lead managers JPMorgan and Daishin Securities. The group hopes to raise $300 million to $400 million from the deal, which includes a strategic investment by Cooper Tire.
The US tire manufacturer has agreed to purchase 11% of the company's enlarged share capital at the eventual IPO price. Pre deal the company has a shareholding structure whereby Korea's Military Mutual Aid Association MMAA owns 50%, Kumho Industrial 30% and creditors 20%.
The IPO incorporates the sale of both old and new shares, with a one thirdtwo thirds split in...
