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NH All One REIT pushing for stock market listing in Nov.

NH NongHyup Bank (NH Financial Group)
NH NongHyup Bank (NH Financial Group)
The real estate investment trust (REIT) unit of major bank holding firm NH Financial Group Inc. said Friday it is seeking to get listed on the South Korean main stock market in November.

NH All One REIT said it began its initial public offering (IPO) process as its registration statement, which was filed with the country's financial watchdog late last month, came into effect.

The company said it is planning to sell 28.1 million shares and raise 140.5 billion won ($119 million), with its IPO price set at 5,000 won.  

A REIT is designed to offer dividend returns to its investors by investing in securitized real estate assets.

NH All One REIT has three office buildings in Seoul and Bundang, south of the South Korean capital, and a logistics center in Icheon, east of Seoul.

The property investment trust said it will carry out demand forecasting for domestic and foreign institutions next Thursday through Friday, and receive subscriptions from retail investors on Nov. 3-5.

Korea Investment & Securities Co. will lead-manage the envisioned stock sale, while NH Investment & Securities Co. and Daishin Securities Co. will serve as underwriters, it added.

NH Financial Group's flagship is major lender Nonghyup Bank.

Nonghyup (NH) refers to the National Agricultural Cooperative Federation, whose key stakeholders include farms and other agricultural businesses. (Yonhap)