This article was published on Aug. 25, 2025, at 2:46 p.m. on ChosunBiz MoneyMove site.
It has been confirmed that INVENI, the holding company of the LS Group, is seeking to raise funds in the range of 100 billion won. Having changed its name to INVENI in March, the company is analyzed to be securing investment resources as it transitioned from a pure holding company to an investment-type holding company. However, there are also voices suggesting that the company might be looking to purchase LS equity in preparation for a potential management dispute with the Hoban Group.
According to the investment banking (IB) industry on the 25th, INVENI is reviewing the issuance of exchangeable bonds (EB) based on its own shares as underlying assets. Currently, INVENI is in discussions with institutional investors such as domestic asset management companies regarding the acquisition. The exchange target is expected to be about 820,000 shares (13.7%) out of 1,719,000 shares (equity ratio 28.7%) of its own stock. However, the final issuance quantity and exchange price will be determined in the future.
An industry source noted, "As the board resolution has not yet been made, the final issuance quantity, exchange price, and total amount to be raised have not been determined," adding, "Some of the remaining shares after the issuance of exchange bonds will be used for buybacks and employee compensation, while some are planned to be retained for future funds."
It has also been confirmed that INVENI is preparing to issue corporate bonds. The plan is to issue a total of 50 billion won, split into 2-year and 3-year bonds. Demand forecasting schedules targeting institutional investors for next month have also been set. INVENI is reportedly considering increasing the issuance as well. The company had previously issued corporate bonds worth 100 billion won last January, which were used to acquire equity in dividend stocks such as Woori Financial Group.
INVENI is a company that began anew as an investment-type holding company after changing its name from Yesco Holdings in March, which owns the gas subsidiary Yesco. It is set to become a strategic platform for asset management for the LS Group beyond simply being a business enterprise. Currently, Gu Ja-eun, the chairman of LS Group, is the largest shareholder with 7.84% of the equity, while his older sister Gu Eun-jeong, the CEO of Taeun Logistics, along with Gu So-young and Gu Da-young, hold a combined equity stake of approximately 40.55%. Currently, INVENI's management is led by Gu Bon-hyuk, the eldest son of the late Gu Ja-myung, former chairman of LSMnM.
The reason INVENI is pursuing large-scale fund raising is interpreted as a move to expand the proportion of investment projects as an investment-type holding company. The aim is to create a virtuous cycle structure to secure its own investment assets for reinvestment funds and dividend income. INVENI is already generating annual dividends of 10 billion to 20 billion won through its subsidiary Yesco, while planning to execute additional investments in entities with a high dividend payout.
However, some voices suggest that INVENI may be attempting to provide support to LS amid anticipated management disputes with the Hoban Group. Earlier this year, the fact that the Hoban Group secured more than 3% of LS Corp.'s equity became known, raising the possibility of a management dispute. Recently, the chairman Gu and his family have been engaged in accumulating equity in LS Corp. by selling equity in LS Eco Energy.
On the 5th, INVENI purchased 1,000 shares of LS Corp. at 164,598 won per share. Although the figure is minor for the purpose of defending management rights, it caught attention as this is the first time INVENI has appeared on the shareholder list of LS Corp. Particularly, since LS Corp. declared at this year's shareholders' meeting that it would raise its dividend payout ratio to 30% by 2030, it aligns with INVENI's principle of investing in dividend stocks. INVENI has records of investing in Woori Financial Group, Macquarie Korea Infrastructure, DAOL Investment & Securities, and JB Financial Group.