Samsung SDS raises $1.1b in IPO

Samsung SDS raised $1.1 billion in an initial public offering after selling its shares at the top of the indicative range, making it the largest Korean IPO in more than four years.

The listing of Samsung SDS, which provides technology for the construction and manufacturing industries, is the latest step in allowing Lee Jae Yong, heir apparent of the Samsung Group, to restructure South Korea's largest business group after his 72-year-old father was hospitalised in May.

The entire deal was secondary, with Samsung Electro-Mechanics selling off all of the 6.09 million shares at W190,000 per unit, the top of the initial W150,000 to W190,000 range. The...