SK Lubricants expects IPO to raise total of 1.5 trillion wonSK Lubricants is planning to debut on the Kospi and expects to raise up to 1.5 trillion won ($1.4 billion), the company said on Tuesday.
The company submitted a securities report to the Financial Supervisory Office on the same day. If the remaining procedures go as planned, SK Lubricants will start trading by mid-May.
SK Lubricants is currently a subsidiary of SK Innovation, which owns a 100 percent stake in the company. In a board of directors’ meeting on Monday, the company decided to issue more shares. In total, 30 percent of SK Lubricants’ stock will be sold on the Kospi.
The company suggested a preliminary range between 101,000 won and 122,000 won, which means SK Lubricants will be able to raise between 1.2 trillion and 1.5 trillion won from the public listing. SK Lubricants’ is one of the most-anticipated initial public offerings on the local stock market this year for its size.
The first Korean company to enter the lubricant business, SK Lubricants currently exports products to more than 50 countries and has a manufacturing capacity of 3.5 million tons of lubricants per year at local and global plants.
By Song Kyoung-son
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