Hyundai Rotem Company of South Korea has applied for the listing by initial public offering in the stock exchange according to bourse operator Korea Exchange. According to Yonhap Infomax, a local wire service, the IPO size is expected between KRW300 billion to KRW400 billion or US$270 million to US$360 billion.
Hyundai Rotem is a railway car builder in South Korea, where 57.6% is owned by Hyundai Motor Co., Korea's largest automaker. The remaining 42.4% is held by a private equity affiliate of Morgan Stanley.
The formal document has been submitted but there were no details what the amounts to be raised would be and the purpose of the fundraising. The schedule for the listing would be completed by the end of the year, as it already takes KRX two months to approve the IPO application.
Last year, Hyundai Rotem posted a net profit of KRW78.4 billion won on sales amounting to KRW 3.068 trillion.
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