Kim Jun, SK Innovation President: "Not Rushing SK Battery IPO... Many Financing Plans Available"

SK Battery Expected to Turn Profit Next Year
"Not Rushing IPO"

Kim Jun, CEO of SK Innovation, is speaking in his capacity as chairman at the SK Innovation Extraordinary General Meeting of Shareholders held on the 16th at the SK Seorin Building in Jongno-gu, Seoul. On the same day, SK Innovation held the extraordinary general meeting of shareholders and approved the physical division plan for the battery and petroleum exploration and production (E&P) businesses. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Hwang Yoon-joo] Kim Jun, President of SK Innovation, reiterated his stance that the company will not rush the initial public offering (IPO) of its newly established battery business corporation, tentatively named 'SK Battery Corporation.'

At the extraordinary shareholders' meeting held on the 16th at the Suprex Hall in SK Seorin Building, Jongno-gu, Seoul, after the approval of the battery business split and partial amendment of the articles of incorporation, President Kim stated, "It is appropriate to conduct the IPO at a time when the market recognizes a proper valuation."

Regarding the timing of SK Battery's IPO, he explained, "Currently, various businesses are bundled within SK Innovation, so I don't think the value of the battery business itself is being properly evaluated. Once it becomes an independent corporation, the performance-related aspects will be clearly separated, and if a clear growth roadmap is presented, market perception will become more positive."

He added, "We expect financial performance to improve as the U.S. plant begins phased operations. As more new plants come online, the cash generation capacity of the battery business itself is expected to improve significantly."

On the timing of the IPO, President Kim said, "We are not excluding an IPO, but there are many other financing options. We are considering the appropriate timing while taking into account factors such as capital costs. It is not something that can be rushed," he emphasized.