The South Korean stock market is bracing up for blockbuster arrivals as companies with an estimated market cap around 1 trillion won ($936 million) are expected to go public this year.
Companies preparing for initial public offering this year include Hyundai Oilbank Co., lucrative gasoline retailer affiliate of the country’s largest shipbuilding conglomerate Hyundai Heavy Industries Co. Hyundai Robotics, which acts as the holding entity and owns 91.13 percent of the oil refining and distributing unit in a board meeting late December gave a go-ahead for an IPO of Hyundai Oilbank in the second half 2018. Market watchers predict Hyundai Oilbank would make the biggest IPO this year.
SK Lubricants Co., a wholly-owned subsidiary of Korea’s leading oil refiner SK Innovation Co. and the world’s third-biggest lubricant base oil maker will seek an IPO again this year. The parent firm in 2015 had planned to list the lubricant maker to improve its financial conditions but voluntarily withdrew its application for the IPO preliminary review due to fall in earnings. SK Innovation reportedly has completed appointing an IPO adviser.
Aekyung Industrial Co., household and personal care product maker has been preparing for IPO on the main Kospi bourse in the first half this year. Market experts estimate Aekyung Industrial’s worth to reach 1 trillion won.
Last year, Korea`s total IPO value topped 7.8 trillion won, up 1.3 trillion won from a year earlier as top mobile game company Netmarble Games Corp., Celltrion Healthcare Co., marketing and distribution arm of leading biosimilar developer Celltrion Inc., and other big names made blockbuster debuts on stock exchanges.
By Cho Hee-young and Cho Jeehyun
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]