Korea Investment & Securities secured first position in equity capital markets (ECM) for the first time in three years in 2020, after underwriting an initial public offering (IPO) of Big Hit Entertainment and a Doosan Heavy Industries & Construction deal.
The value of ECM deals in South Korea totaled 12.9 trillion won ($11.8 billion) in 2020, more than double that of 2019, according to figures from thebell’s league tables.
Brokerage firm Korea Investment & Securities arranged a total of 30 ECM deals worth 2.8 trillion won in 2020 with a market share of 21.9%, and finished with a lead of 400 billion won over second-placed NH Investment & Securities.
It also reclaimed the number one spot in domestic IPO markets for the first time in four years, beating NH Investment & Securities, thanks to trillion-won-size deals that included Big Hit Entertainment and Kakao Games.
In addition, the securities firm led domestic rights offering deals during the year, after participating in rights offerings of Doosan Heavy Industries & Construction and Korean Air Lines, as well as HLB and Jeju Air.
NH Investment & Securities secured second position in the ECM rankings with deals worth 2.49 trillion won and a market share of 19.2%. It had led the table until the end of the third quarter, before being overtaken by Korea Investment & Securities. The firm was the sole underwriter of the SK Biopharm IPO and also participated in Hyundai Development Co’s rights offering and a convertible bonds issue by Hyundai Rotem.
KB Securities and Mirae Asset Daewoo secured third and fourth positions after arranging deals worth 1.5 trillion won and 1.4 trillion won respectively. Notable deals by KB Securities included an IPO for JR Global REIT and KAL’s rights offering.
Eugene Investment & Securities surprised the market with its impressive performance, securing fifth spot after acting as sole arranger of a bonds issue with warrants by Hanjin KA. It also completed Helixmith’s rights offering at year-end.
In the block deal markets, global private equity firm One Equity Partners offloaded part of its stake in South Korea’s drug distributor Celltrion Healthcare for about 310 billion won, and Doosan Group’s owner-family sold a stake in Doosan Fuel Cell.(Reporting by Jung-woo Yang)