SK IE Technology Submits Preliminary Listing Review Application

[Asia Economy Reporter Hwang Yoon-joo] SK Innovation's materials business subsidiary, SK IE Technology (SKIET), submitted a preliminary review application for listing on the Korea Exchange's KOSPI market on the 18th, officially beginning preparations for its public listing. With this, SK IE Technology has initiated the substantive procedures for its initial public offering (IPO). Once the preliminary review is completed, the company plans to proceed with the main review, demand forecasting, and other steps to complete the listing within next year.

SK IE Technology is a materials solution company producing global top-tier lithium-ion battery separators (LiBS) and transparent polyimide (PI) films used in displays such as foldable smartphones. It was established in April last year following the physical division of SK Innovation's materials business division. LiBS is a core material that maximizes the performance of lithium-ion batteries and ensures their safety.

SK IE Technology has proactively established large-scale production bases in key global electric vehicle markets such as Europe and China, securing a leading position among top-tier LiBS companies. The new factory completed in Changzhou, China, began commercial operations in November, increasing the current annual production capacity to 870 million square meters. As factories under construction in China and Poland sequentially commence operations, production capacity is expected to reach approximately 1.37 billion square meters by the end of next year and about 1.87 billion square meters by the end of 2023. Considering that production capacity was 360 million square meters at the beginning of last year, this represents a rapid increase of more than four times in four years.

Additionally, from July this year, the company secured additional growth momentum by commencing full-scale mass production of next-generation flexible cover windows (FCW), a transparent PI film. Through continuous research and development (R&D) on LiBS and FCW, SK IE Technology is expanding the gap with its competitors.

Based on differentiated technology and high productivity, SK IE Technology has demonstrated stable performance. According to the audit report, from its establishment in April last year until December, sales amounted to 263 billion KRW, operating profit was 80.6 billion KRW, and net profit was 63.7 billion KRW.

No Jae-seok, CEO of SK IE Technology, stated, "We will solidify our leading position in the global LiBS market based on our listing on the KOSPI market," adding, "We will do our best to successfully complete the listing next year."

Meanwhile, the lead underwriters for SK IE Technology's KOSPI listing are Mirae Asset Daewoo and JP Morgan, with co-lead underwriters being Korea Investment & Securities and Credit Suisse (CS).

This content was produced with the assistance of AI translation services.