LS Group announced on the 19th that Superior Essex (hereinafter referred to as SPSX), an American cable company, which is an affiliate, has succeeded in pre-IPO (attracting investment before listing) of about 200 billion won (about $ 150 million) through domestic private equity funds.
On the 23rd, SPSX plans to sign a contract with SKS Credit Co., Ltd., a subsidiary of SK Securities, an institutional private equity fund operator that will invest in SEABL, a subsidiary that produces telecommunication cables, and finalize the formation of a fund in which institutional investors such as banks participate.
The corporate value of SEABL evaluated through this pre-IPO reaches about 1 trillion won (about 750 million dollars). SPSX uses the secured resources to repay debts and invest in business expansion. In addition, SEABL will be further developed and listed in New York or the Korean stock market in the future.
SPSX expects the growth potential of the communication cable business to increase as demand for 5G self-specialized networks in the private sector has recently increased, mainly in Europe and North America.
SPSX, acquired by LS Group in 2008, is the world’s No. 1 winding wire company and the No. 4 communication cable company in North America based on sales. Sales last year were about 4 trillion won ($ 3.02 billion), up 7% from the previous year (about 3.7 trillion won). It has entered more than 10 countries on three continents, including the United States, China, Germany, and Italy, and is headquartered in Atlanta, Georgia.
