Hyundai Oilbank receives preliminary approval for IPO -Korea Exchange (updated)

NH Investment & Securities Co

29/06/2022 08:31

(Adds details)
    By Joyce Lee
    SEOUL, June 29 (Reuters) - South Korean refiner Hyundai
Oilbank Co Ltd has received preliminary approval for its planned
initial public offering (IPO), the Korea Exchange said on
Wednesday. 
    Hyundai Oilbank, an affiliate of shipbuilder Hyundai Heavy
Industries  329180.KS , is 73.85% owned by HD Hyundai Co Ltd
 267250.KS  as of end-March. 
    It reported non-consolidated revenue of 20.3 trillion won
and 565 billion won in operating profit in 2021, the Korea
Exchange said in a statement. 
    NH Investment & Securities, KB Securities and Credit Suisse
are lead advisers on the deal, a Hyundai Oilbank spokesperson
said. 
    This is Hyundai Oilbank's third listing attempt, after it
pulled previous plans for an IPO in 2012 and 2018 due to market
conditions. 

 (Reporting by Joyce Lee; Editing by Andrew Heavens and Louise
Heavens)
 ((joyce.lee@tr.com;))