S.Korean firms’ rights issues poised for 12-year low

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S.Korean firms’ rights issues poised for 12-year low - Korea Economic Daily

Quick Summary:

Essex Solutions, a winding wire manufacturer under LS Cable & System Co., is weighing a US IPO next year.“The atmosphere in the Korean stock market is like treading on thin ice due to the soaring dollar value and poor earnings of major companies,” said a listed Korean company’s finance team head.“There are growing concerns about how to maintain our corporate value and how to raise money,” he added.

The company is a majority owned by Japanese financial services group SBI Group.“We can reduce costs we spend to stay listed,” said an official at SBI FinTech Solutions.“It was not necessary for us to raise money in the public market.” IPOsA total of 50 companies went public on the Kosdaq junior market this year.

Companies listed on the Korean stock market have raised a total of 4.6 trillion won ($3.3 billion) in rights offerings so far this year, according to the Korea Exchange.