Asiana IDT Inc., an IT service unit wholly-owned by South Korea’s second largest full-service carrier Asiana Airlines Inc., will go public on the nation’s main Kospi bourse this month, a move expected to solidify leadership of Kumho Asiana Group’s third-generation successor Park Se-chang.
The initial public offering will be offered at the band of from 19,300 won ($17.19) to 24,100 won per share, bringing the company 267.5 billion won ($238.1 million) based on the top end.
It will receive subscriptions from retail investors on Nov. 14-15 with a plan to go public on Nov. 23. The proceeds will be invested in new technology to strengthen its competitiveness, the company said.
“I feel a remarkable responsibility on my shoulders in leading Asiana IDT,” said Park Se-chang, chief executive of Asiana IDT, during a press conference on Monday. “I will work hard to provide extensive services to customers beyond IT.”
The eldest son of Kumho Asiana Group Chairman Park Sam-koo has been leading the IT service affiliate since September this year, replacing Han Chang-soo who was named president of Asiana Airlines. Since joining the group management in 2002, Park has served many roles including CEO of Asiana Sabre.
Asiana IDT, which raises almost 60 percent of its sales from in-house transactions, has been vigorously expanding its business scope by providing IT solutions to not just airline business but also financial, manufacturing and construction sectors. It has an experience in establishing and managing integrated information systems in domestic airports and has been participating in a project to upgrade Incheon International Airport as a smart airport.
On Tuesday, shares of Asiana Airlines rose 1.16 percent to finish at 3,920 won.
By Cho Hee-young and Choi Mira
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