SK IE Technology to secure 300 billion won with share sales

SK IE Technology, the battery separator subsidiary of SK Innovation, will secure 300 billion won in funding through paid-in capital increase.

SK Innovation held a board meeting on Wednesday to approve the deal.

SK IE Technology will issue around 6.27 million shares, which is around 10% of its total shares. They will be sold to private equity fund Premier Partners for 47,816 won per share for around 300 billion won.

SK IE Technology is planning to go public next year. South Korean analysts put the value of the company at around 5 trillion won.

The company plans to invest more on its facilities with the fresh funds.

It has a separator factory at Jeungpyeong, North Chungcheong Province. Line 13 at the factory was completed in December, 2019, increasing the production capacity of the factory from 360 million meter square per year to 530 million meter square per year.

The company was building another factory in China with a production capacity of 670 million meter square per year. The factory will go live in the fourth quarter. 

SK IE Technology was also a building a factory in Poland with a production capacity of 340 million meter square per year. It is expected to be completed next year.

By the second half of 2021, SK IE Technology will have a global production rate of 1.38 billion meter square per year.