SK IE Technology to list on KOSPI in May
Firm to secure up to 2.3 trillion won in funding
SK IE Technology said Wednesday that it will issue 8.55 million new shares in its KOSPI listing in May.
The company filed its security report to the Financial Services Commission in preparation for the listing.
SK Innovation, the parent company of SK IE Technology, is also planning to sell its existing share to the public. SK Innovation will offer 128.34 million shares, which is 22.7% of the 90% take it has in SK IE Technology.
In total, 213.9 million shares will be offered to the public. This will equal 30% of all issued shares by the pair, once SK IE Technology is listed.
SK IE Technology is seeking 78,000 won to 105,000 won per share in its listing. This will allow the company to secure up to 2.3 trillion won in funding from the IPO. It will also put SK IE Technology’s value at a maximum of 7.5 trillion won.
The company is planning to spend the fund to expand its battery separator production.
It will commence demand forecast for institutional investors from April 22 to 23. It will take retail subscription from April 28 to 29. 55% of the shares will be offered to institutional investors, 25% to ordinary investors, and 20% to employees. The company will be listed in mid-May. Mirae Asset Daewoo and JP Margon are leading underwriters for the listing; Korea Investment & Securities and Credit Suisse are co-underwriters.