Mirae Asset Life Insurance, Korea’s fifth largest life insurer, raised $306.5 million in an initial public offering of its shares, with shares pricing below the marketed range.
The total deal-size consisted of roughly 45.4 million shares 40 million primary and 5.4 million sold by Mirae’s affiliated investment company, according to a source close to the deal. Shares priced Thursday evening in Hong Kong at W7,500 per unit, well below the initial W8,200 to W10,000 price range initially marketed to investors during the roadshow.
Domestic institutions made up the bulk of the deal, and drove the pricing below the range, the source said. Allocations were still being finalised...
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