SEOUL, T'way Air, South Korea's low-cost carrier, plans to carry out an initial public offering (IPO) on the country's main bourse in August to raise funds for future growth, industry insiders said Tuesday.
The carrier presented documents Monday to the Korea Exchange (KRX) and the Financial Supervisory Service to begin due procedures to be listed on the main KOSPI bourse, according to the sources.
Though the price is yet to be fixed, the carrier plans to offer 16 million shares to raise a maximum of 267.2 billion won (US$239.2 million) at maximum, with 20 percent of the total being an employee stock ownership arrangement, the low cost carrier said.
It has selected Daeshin Securities Co. and Shinhan Investment Corp. as its lead managers for the IPO.
Established in 2003, the Seoul-based budget carrier has been expanding its operations by opening new routes to China, Japan and Russia, among others. In the first quarter of this year, it posted a 46.1 billion-won operating profit, up 194 percent on-year.
Source: Yonhap News Agency