Samsung Card to Sell Shares at 48,000 Won in IPO

Samsung Card Co. has decided to sell shares for 48,000 won ($51.63) apiece in an initial public offering (IPO) slated for next week, the company said Thursday.

Samsung Card, No.2 credit card firm in South Korea, aims to raise 576 billion won by selling 12 million shares, including 6 million new shares, between June 18 and 21. The shares will be traded on the main bourse beginning on June 27.

Of the total, 7.6 million shares will be offered to domestic and foreign institutions evenly.

According to sales manager Korea Investment & Securities Co., a presale demand survey shows that the tranche for institutional investors would be 36 times oversubscribed.

In an effort to lure foreign capital, Samsung Card has held a series of road shows in overseas financial centers such as New York, London, Hong Kong and Frankfurt.

Samsung Card is an affiliate of Samsung Group, South Korea's top family-run conglomerate. Samsung Electronics Co., the world's biggest memory chipmaker, is the card company's biggest shareholder with a 46.9 percent stake. Four other Samsung

companies own a combined 43 percent interest.