Hyundai Department Store has joined the race to secure a stake in CJ Olive Young Corp., Korea’s No. 1 health and beauty drugstore under South Korean conglomerate CJ Group, before it goes public in 2022.
The Korean department store operator was included in the shortlist last month for private offering ahead of Olive Young’s IPO. Other names that made the shortlist were mostly private equity funds including STIC Investment, Glenwood Private Equity and JKL Partners.
Hyundai Department Store said it was “considering taking a small stake for partnership purposes” but added that “nothing has been decided yet.”
CJ Corp., the holding company of CJ Group, owns 55 percent of the beauty and health chain. Lee Sun-ho, the eldest son of CJ Group chairman, holds a 17.97 percent stake and his younger brother Jae-hwan 10.03 percent.
The pre-IPO shares up for grabs are reportedly the 20 to 30 percent stake held by CJ Group’s owner family, who need to offload some of their shares to cover the inheritance tax needed for group succession.
CJ is reportedly seeking 300 billion won ($266 million) by estimating its pre-IPO value at 1 trillion won.
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]