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Hyundai Oilbank receives preliminary approval for IPO -Korea Exchange

06/29/2022 | 03:34am

SEOUL (Reuters) - South Korean refiner Hyundai Oilbank Co Ltd has received preliminary approval for its planned initial public offering (IPO), the Korea Exchange said on Wednesday.

Hyundai Oilbank, an affiliate of shipbuilder Hyundai Heavy Industries, is 73.85% owned by HD Hyundai Co Ltd as of end-March.

It reported non-consolidated revenue of 20.3 trillion won and 565 billion won in operating profit in 2021, the Korea Exchange said in a statement.

NH Investment & Securities, KB Securities and Credit Suisse are lead advisers on the deal, a Hyundai Oilbank spokesperson said.

This is Hyundai Oilbank's third listing attempt, after it pulled previous plans for an IPO in 2012 and 2018 due to market conditions.

(Reporting by Joyce Lee; Editing by Andrew Heavens and Louise Heavens)

By Joyce Lee

© Reuters 2022
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