Goldman Sachs joins the heated race for CJ Olive Young's pre-IPO placement

Goldman Sachs became the latest to go after private equity offerings in CJ Olive Young Corp. for a share in South Korea’s biggest health and beauty chain store before it goes public in 2022.

Goldman Sachs Principal Investment Area (Goldman Sachs PIA) Korea, a part of global investment banking giant Goldman Sachs Group, is said to have made the cut to an exclusive group bidding for CJ Olive Young’s pre-IPO shares. Other confirmed shortlisted candidates are STIC Investment, Glenwood Private Equity, IMM Private Equity, JKL Partners, and Hyundai Department Store Group.

Goldman Sachs PIA has appointed state lender Korea Development Bank’s merger and acquisition team and Nomura Securities to design its bid, according to industry sources on Sunday.

The private placement involves 20 to 30 percent stake held by offsprings of CJ Group chairman.

As CJ Olive Young is estimated to be worth 1 trillion won ($898 million) to 1.5 trillion won, the offering of 30 percent could value from 300 billion won to 500 billion won. The beauty chain store plans to go public on the main Kospi in 2022.

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