SEOUL– The real estate investment trust (REIT) unit of major bank holding firm NH Financial Group Inc. said Thursday it will get listed on the South Korean main stock market in late November.
NH All One REIT said it will sell 28.1 million shares to investors through an initial public offering (IPO) slated for Nov. 18.
The company is aiming to raise 140.5 billion won (US$120 million), with its IPO price set at 5,000 won.
A REIT is designed to offer dividend returns to its investors by investing in securitized real estate assets.
The property investment trust said it will receive subscriptions from retail investors from Nov. 3-5 after carrying out demand forecasting for domestic and foreign institutions Thursday and Friday.
Korea Investment & Securities Co. will manage the stock sale, while NH Investment & Securities Co. and Daishin Securities Co. will serve as underwriters, it added.
NH All One REIT has a total of three office buildings in Seoul and Bundang, south of the South Korean capital, and a logistics center in Icheon, 80 kilometers southeast of Seoul.
The company said it will move to have 1 trillion won worth of assets under management within three years after its stock market debut.
NH Financial Group’s flagship is major lender Nonghyup Bank. Nonghyup (NH) refers to the National Agricultural Cooperative Federation, whose key stakeholders include farms and other agricultural businesses.
Source: Yonhap News Agency