September 29, 2016 / 7:46 AM / a year ago

S.Korea exchange approves Samsung Biologics IPO application

SEOUL, Sept 29 (Reuters) - South Korea’s bourse operator said on Thursday it has approved an application for an initial public offering from biompharmaceutical contract manufacturer Samsung BioLogics Co.

Korea Exchange did not elaborate further on Samsung BioLogics’ IPO plans, including when the firm will complete its listing or how much the company plans to raise.

Analysts have said the offering - expected to be completed before year-end - could raise up to 3 trillion won ($2.73 billion), making it the biggest South Korean listing this year.

Samsung Group de facto holding company Samsung C&T Corp owns 52.1 percent of the company, while Samsung Electronics Co Ltd owns 47.8 percent of the drug maker. ($1 = 1,097.7900 won) (Reporting by Joyce Lee and Se Young Lee; Editing by Kim Coghill)

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