SK Lubricants Co., wholly-owned by South Korea’s leading oil refiner SK Innovation Co., is prepping initial public offering (IPO) in May with hopes its valuation would double from current level of 2.9 trillion won ($2.7 billion) in asset terms.

SK Lubricant will seek fast-track review and IPO license as it meets the eligibility by having had kept up net worth, sales above 700 billion won and profit above 30 billion for the last three fiscal years.

When approved on fast-track exception, the IPO could take place by mid-May. Pricing is likely in April.

SK Lubricant which sells car oil “ZIC” and exports high-end lubricants posted an operating profit of 345.7 billion won on sales of 2.1 trillion won as of September last year.

At 1:59 p.m. Friday, shares of SK Innovation, parent of SK Lubricants, were up 2.33 percent at 197,500 won.

SK Innovation reviewed the company’s IPOs in 2013 and 2015 but nixed the plan due to the slump in global oil industry.

By Cho Hee-young and Cho Jeehyun

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