NH, KB ranked top S.Korean equity, debt underwriters

Fundraising via initial public offerings and rights issues in South Korea more than doubled to 27.2 trillion won ($23 billion) in 2021 from a year ago, with debt capital raising hitting a record 25 trillion won, league tables showed.

In the capital markets for both equity and debt, KB Securities Co. and NH Investment & Securities Co. came first and second on underwriters league tables. They handled around 30 trillion won worth of both equity and debt financing deals, respectively. 

In the ECM market, second-ranked KB Securities managed Korean Air Co.'s record rights issue worth 3.3 trillion won and two other high-profile offerings by Hanwha Solutions Co. and Samsung Heavy Industries Co. Each of the two companies raised about $1 billion in new share sales this year.

Equity capital market underwriters in 2021:

In the IPO market which saw a record 20 trillion won offerings this year, Mirae Asset Securities Co. topped the list of underwriters, working on 3.2 trillion won worth of deals.  

NH Investment., part of NongHyup Financial Group, came second after it lead-managed the blockbuster IPO of SK Bioscience Co.

IPO underwriters in 2021:

In the debt capital market, LG Chem Ltd. raised 1.2 trillion won, the largest-ever amount of a debt issue by a non-state-owned company in South Korea. KB Securities joined in the fundraising as an underwriter.

Debt capital market underwriters in 2021:  

In the M&A market, Morgan Stanley reclaimed the top position for the first time in two years. The transactions it advised include the $3 billion sale of eBay Korea and the $1.73 billion sale of Hyperconnect to the US-based Match Group.

JPMorgan climbed to second place from eighth a year ago. It managed the $1 billion acquisition by entertainment powerhouse HYBE Co. of Ithaca Holdings, a US entertainment agency and CJ ENM Co.'s $775 million purchase of Hollywood studio Endeavor Content.