Hyundai Card asks banks to pitch for IPO roles

Hyundai Card asks banks to pitch for IPO rolesHyundai Card, the credit card unit of Hyundai Motor Group, said on Tuesday it has asked banks to submit proposals this month for roles in a possible initial public offering. The deal could value Hyundai Card at around 2.5 trillion won ($2.1 billion) and is intended to help investors such as Affinity Equity Partners, GIC and AlpInvest exit the firm, the Maeil Business Newspaper said. “We are considering an IPO to expand capital in a stable manner and enhance management transparency,” a spokesman at Hyundai Card said, adding it expects to receive the proposals by Oct. 22.

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