South Korea’s Hyundai Oilbank, a petroleum and refining company, has received initial approval for its initial public offering (IPO) from the Korea Stock Exchange.
This is the company’s third listing attempt after it withdrew its previous plans to go public in 2012 and 2018 due to market conditions.
HD Hyundai owns about 74% of Hyundai Oilbank, while Saudi Aramco 17% It was acquired in 2019 when the company’s valuation stood at KRW 8 trillion, or about $6 billion.
NH Investment & Securities, KB Securities and Credit Suisse have been appointed as advisors for the upcoming public offering.
The offering and book building process is expected to take place between September and October for the shares to be listed in November.
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