KKR-Backed Ship Repair Firm to Use IPO Proceeds to Boost Growth
- Hyundai Marine shares almost doubled on first day of trading
- Company retrofits ships to help reduce maritime emissions
Only a day after completing South Korea’s biggest initial public offering in two years, KKR & Co.-backed shipping repair company HD Hyundai Marine Solution Co. has revealed its next goals — 25% growth in annual revenue for the next three years and increased investments to tackle maritime emissions.
Hyundai Marine’s stock surged 97% on its first day of trading Wednesday, pushing the company’s market value above 7.2 trillion won ($5.3 billion) and ranking it just outside the 50 biggest companies on the benchmark Kospi index. The firm raised about $547 million in Korea’s biggest IPO since January 2022, and will use the proceeds to invest in shipyards in Southeast Asia, increase warehouse capacity and develop technologies for renovating vessels in greener ways, Chief Executive Officer Lee Ki-dong said.