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Air Busan finalizes offering price for Dec. 27 IPO

All Headlines 17:40 December 17, 2018

SEOUL, Dec. 17 (Yonhap) -- Air Busan Co., one of South Korea's six low-cost carriers, on Monday announced the final offering price for its planned initial public offering (IPO) set for Dec. 27.

Air Busan has set the IPO price at 3,600 won per share and plans to generate 18.7 billion won (US$17 million) in fresh capital, the company said in a statement.

The budget carrier aims to sell 4,165,600 shares, or 80 percent of the 5,207,000 stocks it will issue, to institutional and individual investors, with the remaining 20 percent allocated as employee shares, it said.

The IPO is designed to enhance the value of the company and improve working conditions for all employees going forward.

Mirae Asset Daewoo Co. and NH Investment & Securities Co. are lead managers of the IPO.

Air Busan, headquartered in the southern port city of Busan, is one of two low-cost affiliates of Asiana Airlines Inc. Air Seoul Co. is the other budget affiliate of Asiana, the country's second-biggest full-service carrier after Korean Air Lines Co.

This photo, provided by Air Busan, shows the airline's A321 passenger jet at Narita International Airport in Japan. (Yonhap)

kyongae.choi@yna.co.kr
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