IMM Private Equity sold its remaining 1.38% stake in Woori Financial Group for 166.4 billion won ($115m).
The firm executed the sale of 10.26 million shares through a block deal on January 9 at 16,218 won per share.
IMM invested in Woori Financial in 2016, acquiring a 6% stake from the Korea Deposit Insurance Corp. for 446.2 billion won at 11,000 won per share. Over three rounds of stake sales, IMM has generated 625.4 billion won in proceeds, along with 180 billion won in dividend income. The investment achieved a 2.4x return on invested capital and a 13.9% IRR.
The successful exit paves the way for IMM to liquidate its third blind pool fund, which raised 1.26 trillion won in 2015. This fund has delivered strong performance through exits from investments in Tailim Packaging, HD Hyundai Samho, and fashion platform W Concept. Other portfolio companies include online lender K Bank, car-sharing platform Socar, cosmetics maker Able C&C, and content platform Kidari Studio.
This milestone highlights IMM’s ability to create value and deliver strong returns for its investors. Moreover, it reinforces its position as a leading private equity firm in South Korea.
Source: The Korea Economic Daily
Can’t stop reading? Read more
Fund Friday: Top fundraising news in private equity
Fund Friday: Top fundraising news in private equity Blackstone has raised $10bn for its latest...
TPG explores $7.5bn Asia OneHealthcare exit with sale or IPO options
TPG explores $7.5bn Asia OneHealthcare exit with sale or IPO options TPG has appointed Malayan...
Blackstone teams with Dubai Aerospace on $1.6bn annual aircraft leasing push
Blackstone teams with Dubai Aerospace on $1.6bn annual aircraft leasing push Blackstone has...