ING Life Insurance Korea announced Monday that it would set its share price at 33,000 won ($29.19), above its minimum suggested price at 31,500 won.

This marks the first time an insurance company set a share price within the suggested range of the offering price -- between 31,500 won and 40,000 won -- in seven years, after the initial public offering of Samsung Life Insurance. Other insurance firms listed afterwards, including Tongyang Life Insurance, Hanwha Life Insurance and Mirae Asset Insurance had entered Kospi below the minimum suggested price. 

The fixed share price came after a group of selected 274 institutional investors at home and abroad had forecast the demand for two weeks, starting April 6.

Cheong Mun-kuk, President of ING Life Insurance Korea, said it fixed the share price in a “market-friendly” way.

The insurance firm, under a private equity firm MBK Partners, eyes an IPO on the first-tier stock market Kospi in mid-May. Sales of the stocks prior to public listing will take place on Thursday and Friday.

From the IPO, MBK Partners is expected to rake in some 1.1 trillion won from listing ING Life Insurance Korea.

ING Life Insurance Korea will become the first insurer to be listed in two years after Mirae Asset Insurance in 2015. 

By Son Ji-hyoung (consnow@heraldcorp.com)