KKR & Co.-backed South Korean style retailer Musinsa Co. has picked Citigroup Inc. and JPMorgan Chase & Co. to work on an preliminary public providing that will happen subsequent 12 months.
Citi might be lead underwriter, whereas JPMorgan will act as co-underwriter, based on a spokesperson for Musinsa. Local banks corresponding to KB Securities Co. and Korea Investment & Securities Co. will even be concerned, however roles haven’t been determined. Musinsa is exploring a list in Seoul or New York, relying on the place it may well get a greater valuation, the spokesperson stated.
Musinsa might search a valuation of 10 trillion received ($6.8 billion) together with debt, based on an individual acquainted with the matter, who requested to not be recognized as a result of the matter is personal.
A consultant for Musinsa declined to touch upon valuation, whereas KB and Korea Investment & Securities declined to remark.
Musinsa stated in August it was contemplating an IPO and had invited a number of funding banks to submit proposals to function lead managers on the deal. It stated it will focus on particulars together with timing and measurement after deciding on arrangers.
Local media beforehand reported the banks and the goal valuation of Musinsa, doubtlessly minting a fortune for founder Cho Man-ho.
Cho established the enterprise in 2001 and remodeled it into a world style platform from a distinct segment streetwear website over 20 years. Musinsa operates Korea’s main on-line style platforms — “Musinsa” and women-focused “29cm” — drawing about 7 million and three million month-to-month lively customers, respectively.
By Haram Lim, Dave Sebastian and Julia Fioretti
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KKR-Backed Korea Fashion Retailer Musinsa Considering IPO
Musinsa didn’t disclose IPO particulars, however native media have reported the Seoul-based firm may search a valuation of about 10 trillion received ($7.2 billion) through the itemizing, doubtlessly minting a fortune for founder Cho Man-ho.