Samsung heirs pocket 6 tln won in Cheil Industries IPO

Samsung Group's three heirs reaped nearly 6 trillion won as the group's de facto holding company, Cheil Industries Inc., more than doubled its initial public offering (IPO) price in its market debut, data showed Thursday.

Samsung chairman Lee Kun-hee's three children -- Jay-yong, Boo-jin and Seo-hyun -- earned 5.9 trillion won (US$5.4 billion) from the IPO, roughly 733 times their 8.1 billion won investment, according to the data by conglomerate information tracker Chaebul.com.

Shares of Cheil Industries ended at 113,000 won on the first trading day, more than double its IPO price of 53,000 won, becoming the 14th-most valuable firm on the local bourse with a market capitalization of 15.26 trillion won.

With the latest IPO, the siblings who control the country's largest conglomerate have reaped more than 10 trillion won from recent stock listings. In November, the group's IT service affiliate, Samsung SDS, went public, in what was viewed as a management succession procedure.

The chairman's only son, Jay-yong, who holds a 23.24 percent stake in Cheil Industries and an 11.25 percent stake in Samsung SDS, reaped the biggest profit, emerging as the country's second-richest shareholder.

The heir apparent's listed stock value stands at 7.8 trillion won, just second to his father, whose listed stock holding is valued at 11.9 trillion won. 

Lee's two daughters -- Boo-jin and Seo-hyun -- also moved up the stock-rich ladder, ranking as the country's seventh-richest shareholders. (Yonhap)