Hi Mart set to debut on Seoul bourse this week

SEOUL, June 28 (Yonhap) -- Hi Mart Co., South Korea's top electronics retailer, will start trading its shares on the Seoul main stock index this week, the local bourse operator said Tuesday.
The Korea Exchange (KRX) said in an e-mailed statement that Hi Mart will list 23,607,712 shares on the main bourse on Wednesday. The initial share price will be set in the 90-200 percent range of the firm's initial public offering price of 59,000 won (US$54.6), according to the KRX.
Established in 1987, Hi Mart is the country's No. 1 retailer for electronics appliances with a market share of 35 percent. Its major shareholders include Eugene Corp., a local builder with a 38.7 percent stake.
Hi Mart had said earlier it plans to use the proceeds from the IPO to pay off debts, with its debt-to-equity ratio expected to fall to 90 percent from the current 150 percent.
The top electronics retailer also said it plans to target sales of 20 trillion won by 2020 by expanding its sales networks at home and abroad.
In 2010, Hi Mart posted sales of 3.05 trillion won and logged a net profit of 107 billion won. It currently operates 287 sales outlets.
mil@yna.co.kr