Hanwha Group's Hanwha Energy quickly completed the selection process for the listing underwriter.
According to the investment banking (IB) industry on the 19th, Hanwha Energy selected NH Investment & Securities and Korea Investment & Securities as the main underwriters for its initial public offering (IPO) on that day. Additionally, KB Securities and Shinhan Investment & Securities were selected as co-underwriters.
Hanwha Energy distributed a request for proposal (RFP) to major domestic securities firms on the 10th, aiming for a listing on the KOSPI market. After collecting documents and completing other processes, it finalized the selection of underwriters in about a week.
Hanwha Energy was established in 2007 as a partitioning of the group energy business division from Hanwha Petrochemical, now Hanwha Solutions. By the third quarter of last year, the company recorded consolidated revenue of 3.9468 trillion won and an operating profit of 82.7 billion won.
Hanwha Energy is the second-largest shareholder with a 22.16% equity stake and is considered a key to the group's succession. The third generation owners, Kim Dong-kwan, vice chairman of Hanwha Group, Kim Dong-won, president of Hanwha Life, and Kim Dong-sun, vice president of Hanwha Galleria, hold 100% of the shares.
The market believes this listing will be a means of securing funds for succession. The company noted that it is in the stage of reviewing its listing to strengthen competitiveness and secure future growth engines as a global energy corporation.