* ING Life prices IPO at 33,000 won/share
* Indicative range was 31,500 won to 40,000 won/share
* IPO is S.Korea's second-largest so far this year
(Adds milestone, background)
SEOUL, April 24 ING Life Insurance Korea, South
Korea's fifth-largest life insurer, on Monday priced its initial
public offering (IPO) near the lower end of an indicative range,
raising its Asia-based private equity owner MBK Partners 1.1
trillion won ($974 million).
ING Life's listing will be South Korea's second-largest so
far this year after smartphone games maker Netmarble Games Corp
priced its IPO at the top of its range, raising $2.3 billion
The insurer, which last week said its dividend payout
history was an investor draw, said it can continue paying hefty
dividends as it has a good capital-adequacy ratio and because it
depends on higher-margin captive agents for growth, rather than
independent insurance agents.
It priced its IPO at 33,000 won per share, compared with an
indicative range of 31,500 won to 40,000 won each, ING Life said
in a filing.
The pricing gives the whole company a pre-listing valuation
of 2.71 trillion won.
MBK, which bought ING Life from ING Groep NV for
about 1.8 trillion won in 2013, will retain about 59.1 percent
of the insurer after the listing, an ING Life spokeswoman said.
($1 = 1,129.9000 won)
(Reporting by Joyce Lee; Editing by Christopher Cushing)