April 2, 2018 / 9:34 AM / 2 years ago

South Korea's SK Lubricants plans up to $1.5 billion IPO in May

FILE PHOTO: The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea, February 3, 2017. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) - South Korea’s SK Lubricants plans an initial public offering (IPO) worth up to 1.56 trillion won ($1.48 billion) in May, its parent SK Innovation (096770.KS) said on Monday.

SK Innovation plans to sell about 10.2 million shares, or about 1.25 trillion won worth in its wholly-owned subsidiary SK Lubricants as part of the IPO, it said in a regulatory filing.

The value of the stakes was calculated based on the top price of a preliminary range of 122,000 won per share, an SK Innovation spokeswoman said.

SK Lubricants will also issue about 2.6 million new shares in the IPO, SK Innovation said.

SK Innovation plans to use the newly-raised funds to secure future growth for the company and its subsidiaries, the spokeswoman said.

SK Innovation, which expects to retain a 70 percent stake in SK Lubricants after the listing, is the owner of South Korea’s top refiner SK Energy.

Reporting by Joyce Lee; Editing by Gopakumar Warrier

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