SK IE Technology was aiming to list on KOSPI in May, TheElec has learned.
The material-making subsidiary of SK Innovation will likely list on the second week of May.
It is aiming to pass the preliminary review this month.
Company affiliate SK Bioscience is aiming to list on KOSPI on March 18.
SK IE Technology had sent the preliminary review request to the Korea Exchange in December.
The Exchange has requested additional data last month, but these won’t delay the proceedings, South Korean analysts say.
There will be an audit and demand forecast after the preliminary review is finished. SK Innovation thought of when to list between April and June prior to its decision, people familiar with the matter said.
SK IE Technology is continuing to see its valuation rise among analysts. Last year, when the IPO was decided on, the company was valued at 4 to 5 trillion won __ this has risen to 7 to 8 trillion won.
The shortage is battery separators due to expanded battery production globally is likely causing the company to be valued at a higher price. Separators have been pointed as the cause of fires in Hyundai Kona EV, which inversely highlighted its importance.
SK IE Technology was formed in 2019 by splitting off from SK Innovation. It is manufacturing polyimide films sued in foldable display panels and separators for batteries. It secured 300 billion won in funding through share offering to local venture capital Premier Partners last year.
For its IPO on KOSPI, Mirae Asset Daewoo and JP Morgan are lead underwriters; Korea Investment & Securities and Credit Suisse are co-underwriters.