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Korea’s IT solution provider LG CNS readies to go public this year

Collected: 2022.05.03

Distributed: 2022.05.04

Source: Go Direct

[Source: LG CNS]

LG CNS, evolving beyond in-house IT solution provider of South Korean conglomerate LG Group, will go public this year to indulge outside pre-IPO investor and strengthen B2B solutions capacity.

According to the investment banking industry on Monday, LG CNS has sent out invitations to form an underwriting team next month with hopes to debut on the Kospi within the year.

An IPO or cash-out within the next five years was a condition to Macquarie Private Equity’s purchase of 35 percent in LG CNS in 2020. LG CNS formed a task force team for its IPO last year, and Macquarie plans to offer some of its stake for the initial shares.

The corporate value is estimated at 4-5 trillion won ($3.2-4 billion), given 2.7 trillion won valuation at the time Macquarie acquired the second largest stake.

The IT solution unit founded in 1987 provides comprehensive IT consulting, system construction, and operation services in Korea and around the world. It has sped up its foray into new areas, including cloud, artificial intelligence, big data, IoT, and blockchain technologies.

The company has posted upbeat performances since the Covid-19 onset as many companies have accelerated their push for digital transformation to cope with the fallout from the pandemic. Its consolidated operating profit in 2021 grew 33.5 percent from a year ago to 328.6 billion won, while sales rose 23.3 percent to 4.14 trillion won owning to new businesses, including digital financial services and smart logistics.

By Kang Woo-seok and Jenny Lee

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