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THE INVESTOR
March 24, 2019
Big Reunion

Automobiles

Hyundai AutoEver eyes future growth momentum via IPO

  • PUBLISHED :March 12, 2019 - 15:16
  • UPDATED :March 12, 2019 - 15:16
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Hyundai AutoEver said on March 12 it will lead the group’s paradigm shift by providing new platform-based IT services through its planned listing on the country’s main stock market this month.

The ICT service provider of the country’s automotive conglomerate won approval for the initial public offering on the Kospi exchange earlier this year, and planned to go public on March 29.


It is aiming to raise up to 154.4 billion won (US$136.80 million) with the rice per share being set at between 40,000 won and 44,000 won.

“By maximizing funds to be raised by the IPO, we will expand investment in research and development to come up with a new platform-based service model to make new chances of innovative growth,” company CEO Oh Il-seok said in a press briefing.

“Our cutting-edge ICT system will be applied to the group’s global business center, which is expected to beef up the future competitiveness and sales of the whole group,” he added, citing the carmaker’s new headquarters in Seoul, which is set to be completed in 2023.

Established in 2000, Hyundai AutoEver specializes in software development and system integration, and it has provided IT-related services for the entire group, according to its officials.

By Ram Garikipati and newswires (ram@heraldcorp.com)

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