Hyundai Heavy Industries Group has decided to push for an initial public offering of its unlisted affiliate Hyundai Heavy Industries Co this year.
Under the scheme, HHI is looking to raise KRW1 trn ($905m) from the IPO and the proceeds will be used to finance projects to develop environmentally-friendly vessels and low-carbon dockyard technologies.
Hyundai Heavy Industries Group split Hyundai Heavy Industries Co into Korea Shipbuilding & Offshore Engineering (KSOE), a holding company, and Hyundai Heavy Industries Co in 2019.
The IPO will proceed separately with the ongoing process of merging with Daewoo Shipbuilding & Marine Engineering. The merger has been delayed due to prolonged anti-trust review processes taking place around the world.