[THE INVESTOR] Hyundai AutoEver, an affiliate of Korean automotive conglomerate Hyundai Motor Group, has won approval for its planned initial public offering on the country’s main stock exchange, the bourse operator said on Jan. 28.
After conducting a preliminary screening, the Korea Exchange said it found Hyundai AutoEver suitable for going public on the KOSPI market.
NH Investment & Securities is the lead manager for the planned listing, according to Hyundai. Details of its share price band are not presently available.
Established in 2000, the company specializes in software development and system integration, and it has provided information technology-related services for the entire group, according to its officials.
In 2017, it reported annual sales of 1.47 trillion won (US$1.32 illion) on a consolidated basis, with a net income of 55.2 billion won.
Hyundai Motor and related individuals hold a 90.32 percent stake in Hyundai AutoEver. They include Hyundai Motor Group Executive Vice Chairman Chung Eui-sun, who owns a 19.5 percent stake.
The group has said the planned market debut is intended to expand its research and development investment in ICT areas so as to boost its competitiveness.
By Ram Garikipati and newswires (firstname.lastname@example.org)