MBK fixes ING Life IPO pricing at bottom end

Asian private equity firm, MBK Partners, has begun its exit of ING Life Korea after pricing a 33.5 million secondary share deal at W33,000 per share, towards the bottom end of its indicative range.

The group raised W1.1 trillion $970 million from the deal, which equals 40.9% of the insurer’s issued share capital. At this level, it has come 17.64% through its W31,500 to W40,000 indicative range and on a valuation of 0.53 times 2016 embedded value EV.

This represents a sizeable 24.3% discount to market leader Samsung Life, which was trading around the 0.7 times level on...