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Morgan Stanley’s Hyundai Rotem applies for IPO approval

15 Apr 2013

railway track5_sqSouth Korean tank and train maker Hyundai Rotem, which is part-owned by Morgan Stanley’s private equity arm, is looking to list on the Korea Exchange.

Stock Exchange operator Korea Exchange said Hyundai has applied for approval for an initial public offering.

The size of the IPO could be between $270m and $360m, according to Korean newswire Yonhap Infomax.

Last October it was reported that Hyundai Rotem had picked the banks to lead its IPO.

Morgan Stanley holds a 42.4 per cent stake in the business with the balance owned by Hyundai Motor Co.

In February Morgan Stanley Private Equity agreed to buy a majority stake in Korean listed tissue maker Monalisa for KOW91.4bn ($83.7m).

Morgan Stanley is believed to have already held a $750m first close for its latest Asia-focused vehicle.

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