SK Innovation suppliers look to IPOs

Battery equipment suppliers to SK Innovation are slatted to go public.

SK Innovation’s plan to expand its battery production capacity from the current 40GWh per year to 125GWh by 2025 have given them ample reason to procure funds from listing.

Youil Energy Tech is aiming to list on KOSDAQ this month. The company, founded in 2012, makes notching and stacking equipment used in battery production. SK Innovation is a major customer for the company and it is aiming to diversify its portfolio from the listing. It is also aiming to make hydrogen fuel cell equipment.

The company is offering 2.41 million shares. It is asking for a share price between 11,000 won to 14,000 won, which will allow it to secure up to 33.8 billion won in funding. It will take subscriptions from February 15 to 16. Shinyoung Securities in underwriting the listing.

Yunsung F&C manufactures mixing equipment used to make slurries in battery production. The company is had applied for a fast-track KOSDAQ listing offered to material, component and equipment companies.

The fast-track allows for the review process to be done in 15 days compared to the conventional 30 days. Yunsung is hoping to raise between 40 billion won to 50 billion won. Mirae Asset Daewoo is underwriting the deal.

Jeil Machine, which also produce mixing equipment, is also preparing for an IPO. Last year in September, the company won a 45 billion won supply deal with Swedish battery maker Northvolt. Jeil was founded in 1986 and manufacturers mixing equipment used in battery, defense, pharmaceutical and food sectors. Battery accounts for over 80% of its sales. In 2017, the company posted 10 billion won in sales. This jumped to 38.6 billion won in 2018 and 34.6 billion won in 2019.