One Store targets $156.8 mn in fundraising

[Courtesy of One Store]

A consortium led by Korea Investment Partners Co. and LK Investment Partners has been named the preferred bidder by One Store Co., which seeks to raise funds of 200 billion won ($156.8 million).

According to multiple sources from the investment banking industry, Lazard Asset Management LLC, the underwriter in the financing, named the consortium as the preferred bidder on Wednesday.

Several bidders joined the bid in mid-July. The final competitors include the Korea Investment Partners Co.-led consortium, Meritz Securities Co., and IGIS Asset Management Co.

The financing is a blend of an existing financial investor (FI) rights offering and a new investment. Back in 2019, a private equity fund, jointly held by SKS Private Equity and Kiwoom Investment, secured 100 billion won of funds with a pre-condition that requires One Store to pay back the funds if it fails an initial public offering within three years from the investment. SK Group strived to launch the IPO last year but canceled the plan citing a downbeat forecast.

In the face of requests for recollection from investors, SK Group will find new investors and use much of the funds secured to pay back the debt. Out of the total 200 billion won to be raised, 120 billion won will be utilized to acquire SKS-Kiwoon PEF’s stake in One Store, while the remaining 80 billion won will be used for a capital increase.

The preferred bidder is believed to begin raising funds for the investment.

One Store will tap the funds from the rights issue to concentrate on two main objectives, attracting prominent game titles and establishing overseas subsidiaries.