SK ecoplant Kicks Off IPO Process

The headquarters of SK ecoplant Co. in central Seoul (Yonhap)

SEOUL, March 21 (Korea Bizwire) — South Korean builder SK ecoplant Co. said Monday it has started the process of its initial public offering, slated for the first half of next year.

SK ecoplant, a unit of SK Group, South Korea’s third-largest conglomerate, said it had sent invitations to major domestic and overseas brokerage houses to manage the planned IPO.

The construction company said it will choose a team of lead managers in April and finalize its IPO plan after consulting with them.

“The envisioned IPO is designed to help gain important momentum to emerge as a leading eco-friendly company in Asia and obtain funding for new business areas,” the company said.

SK ecoplant has been pushing into environment, renewable energy and other new business areas, including the acquisition of Singapore-based electronics waste management solution provider TES Envirocorp in February this year.

SK ecoplant said it is stepping up efforts to improve its financial health in the runup to the upcoming IPO by selling stakes in other firms and raising new capital through a pre-IPO stock sale.

(Yonhap)