SK Innovation’s EV battery material subsidiary seeks IPO

SK Innovation’s wholly owned subsidiary SK IE Technology, which makes separators for electric vehicle batteries, said Tuesday it will seek an initial public offering.

The separator is one of the four key components of a lithium-ion battery, along with the cathode, anode and electrolyte.

According to SKIET, it sent letter of inquiry proposals to domestic and foreign stock firms to underwrite its IPO.

“A specific timeline for the IPO hasn’t been decided yet. An underwriter is due to be selected in July, following which the company will decide a specific date depending on the COVID-19 outbreak, economic situation and the stock market performance,” a company official said.

SKIET’s primary business includes lithium-ion battery separators (LiBS) and flexible cover windows that can replace glass displays for foldable and flexible smartphones.

To meet growing demand, SKIET recently started operations of its 12th and 13th production facilities in Jeungpyeong, North Chungcheong Province, increasing its annual production capacity of separators to 530 million square meters from 360 million square meters. After two more production facilities are completed in China in the third quarter this year and in Poland next year, SKIET’s total production capacity will reach 1.21 billion square meters, the company said. 

By Kim Byung-wook (kbw@heraldcorp.com)