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SK IE Technology to Raise Nearly $2 Billion From Korea IPO in May

   By Kwanwoo Jun 

SK IE Technology, a maker of lithium-ion battery separators, seeks to raise more than 2.2 trillion won ($1.97 billion) next month, in what would be South Korea's biggest listing in four years.

SK IE Technology plans to sell about 21.4 million shares at KRW105,000 each, the top end of its initial-public-offering price range, parent company SK Innovation Co. said Monday.

The planned IPO on May 11 would be the biggest in South Korea since gaming company Netmarble Corp. raised KRW2.7 trillion in 2017.

SK IE Technology will offer 8.6 million new shares, while SK Innovation will offer 12.8 million existing shares in the affiliate for the listing, Korea Exchange regulatory filings showed.

SK Innovation will retain a 61% stake in SK IE Technology after the listing, according to regulatory filings.

SK Innovation said it will use the IPO proceeds to boost the valuation of its affiliates and nurture their growth. It didn't provide further details. SK IE Technology Chief Executive Roh Jae-sok has told Korean media that some of the proceeds will be used to expand a plant in Poland to meet rising demand in Europe.

Share-sale managers, including J.P. Morgan Securities and Mirae Asset Daewoo, will take orders from retail investors on April 28-29.


Write to Kwanwoo Jun at


(END) Dow Jones Newswires

April 26, 2021 05:35 ET (09:35 GMT)

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