Family Mart Co Ltd, a Japan based firm, planned to exit the South Korean market through an initial public offering. The IPO was said to be launched in May by the biggest convenience store chain in the country. This was according to a representative of BGF Retail who told Reuters on Thursday.

According to a statement from BGF Retail late Wednesday, the IPO would be priced between KRW41000 and KRW46000.

The statement also added that the initial public offer would list 25 percent of FamilyMart’s stake. FamilyMart started its venture into the South Korean market in 1990. The move was after a franchise licensing agreement was made with Bokwang Group. In 2012, the business was given a new name, BGF Retail.

CFO Hong Seok-joh along with 34 related shareholders including the members of their family have a total of 65.9 percent holdings in BGF Retail, said a report from Reuters.