Private equity fund (PEF) manager Curious Partners is pushing a structured investment of 300 billion won in Ido. Ido plans to pursue an initial public offering (IPO) by improving its financial structure through the sale of quality assets and strengthening competitiveness in its core businesses of environment and infrastructure.
According to the investment banking (IB) industry on the 4th, Curious will wrap up key procedures, including the main contract, for the Ido investment in mid-month. Curious will inject 105 billion won from a currently managed blind fund and 45 billion won from a newly formed project fund for this investment. It will raise 150 billion won in acquisition financing.
Curious secured investment stability through structuring that uses minimum earnings before interest, taxes, depreciation and amortization (EBITDA) targets, net debt reduction, and call and put options. It plans to recoup funds through a business institutional sector split and an IPO. The target internal rate of return (IRR) is about 13% on invested capital.
Ido plans to improve its financial structure through measures such as selling quality assets and delivering stable EBITDA, using this investment as a catalyst. It will also carry out new capital expenditures (Capex) focused on core business institutional sectors. Earlier, in September, Ido sold ClubD Geumgang, one of the assets slated for sale, for 90.5 billion won.