SEOUL, KOREA - Innocean Worldwide, an advertising agency under the Hyundai Motor Group umbrella, and Celltrion Healthcare, Korea's leading biopharmaceutical company, are set to make initial public offerings by next year. On October 7, Innocean sent requests for proposal to major securities firms for selecting underwriters for the IPO deal. The agency plans to complete its underwriter selection by the end of this month at the earliest.

 

Last year, the Hyundai Motor Chung Mong-koo Foundation promised that it would take Innocean to the IPO market by 2016 when it sold 180,000 shares (10% in total) out of 360,000 shares of Innocean donated by the group's chairman to the STIC Investments consortium. The ad agency's corporate value is estimated at 2 trillion won.