Seoul: Boryung Corp. on Monday announced that it will sell stock to raise 175 billion won (US$127.4 million). The proceeds from the stock offering will be used primarily to finance its operations.

According to Yonhap News Agency, a regulatory filing reveals that the company will issue approximately 18 million common shares at a price of 9,670 won per share. The stock will be sold to investors designated by the firm.