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[Alpha Biz=(Chicago) Reporter Kim Jisun] Ecopro Materials, an unlisted affiliate of Ecopro Group, speeds up its initial public offering (IPO).
According to the financial investment industry on the 24th, the KOSPI headquarters of the Korea Exchange announced on the 22nd that it has approved a preliminary review of Ecopro Materials' sovereignty. This is about four months after Ecopro Materials filed a preliminary application for listing.
Ecopro Materials applied for listing on the Korea Exchange on April 27. Considering that the screening usually takes place for 45 trading days, the prevailing expectation was that the results of the preliminary hearing would be released by July. However, during this period, the announcement of the results was later than expected due to various controversies, including the confirmation of former Chairman Lee Dong-chae's imprisonment.
Ecopro Materials is a precursor company within the group. Electric sphere is produced from nickel, cobalt, manganese, etc. as an anode material.
According to a business report by Eco Materials, the company posted sales of 665.2 billion won and operating profit of 39 billion won last year. This is an increase of 94% and 140%, respectively, from the previous year. Considering the high growth potential of the secondary battery industry and eco-materials' own competitiveness, high growth is expected to continue for the time being.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
