SEOUL, May 19 (Yonhap) — Superior Essex Inc. (SPSX), the US cable division of South Korean electrical equipment giant LS Group, announced on Friday that it has managed to raise about 200 billion won (US$150 million) through an interim program -dollars) to attract. Initial Public Offering (IPO).
Superior Essex Inc. (SPSX) said on Tuesday it was to sign a deal with South Korean fund manager SKS Credit for a private placement of shares in its US communications cable division, SEABL.
The money will be used to pay off SEABL’s debt and later expand its business, SPSX said, adding that the pre-IPO estimate of SEABL’s enterprise value is around 1 trillion won.
A pre-IPO is the private sale of a company’s stock prior to its listing on a public stock exchange.
SPSX said it will step up efforts to further advance SEABL and plans to list the company on either the New York Stock Exchange or the South Korean Stock Exchange.
SPSX forecast rapid growth in the global communications cable business in the coming years as demand increases in North America and Europe.
SPSX, a US cable manufacturer acquired by LS Group in 2008, is the world’s largest spool manufacturer by revenue and the fourth largest communications cable manufacturer in North America.
Last year, sales were about 4 trillion won, up 7 percent year-on-year. Based in Atlanta, Georgia, SPSX has penetrated about ten countries including the United States, China, Germany and Italy.
North America is one of the key global business hubs for LS Group, which aims to grow its wealth to 50 trillion won by 2030.
The company logo of LS Group (Yonhap)
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